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Gazprombank examines options for Swiss unit

Oliver Hirt
·1-min read
FILE PHOTO: St. Petersburg International Economic Forum (SPIEF)

By Oliver Hirt

ZURICH (Reuters) - Russia's Gazprombank has decided to explore strategic options for its Swiss unit Gazprombank (Switzerland) Ltd, the Zurich-based institution said on Friday.

These options include a possible sale of all or parts of the company. "The Bank currently expects to conclude the strategic review process – including finding an investor if such option is pursued – by the end of the third quarter of 2022," a statement said.

Gazprombank Switzerland, which employs about 80 people, is mainly active in trade and export financing, including helping Swiss industrial groups finance exports to Eastern European countries.

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It also finances the extraction, transport and processing of raw materials from Russia to Western Europe for commodity traders.

(Reporting by Oliver Hirt, Writing by Michael Shields, Editing by Paul Carrel)