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Russia's Sberbank sells off majority stake in Swiss subsidiary

St. Petersburg International Economic Forum (SPIEF)

(Reuters) - Russia's largest lender Sberbank said on Friday it had sold off a majority stake in its Swiss subsidiary to local firm m3 Groupe Holding SA.

The business will operate under the new name "TradeXBank AG" and continue to focus on the commodity trade finance sector, Sberbank said in a statement.

Sanctions imposed by Western countries on Russia over Ukraine have severely hit Sberbank's overseas operations. In early March it announced plans to quit almost all European markets.

(Reporting by Reuters; Editing by Jan Harvey)