Gazprombank mulls strategic options for developing Swiss subsidiary, sale possible

MOSCOW. July 8 (Interfax) - Gazprombank has decided to explore potential strategic options for its Swiss subsidiary Gazprombank (Switzerland), the latter said in a press release.

"These options include, but are not limited to, potential divestment of selected assets or the sale of the business as a whole," the bank said.

Gazprombank (Switzerland) expects the strategic review process - including finding an investor if such option is pursued - to conclude by the end of the third quarter of 2022, the bank said.

Gazprombank (Switzerland) provides traditional banking products to corporate clients. In October 2020, the bank secured permission from Switzerland's Financial Market Supervisory Authority (FINMA) to conduct transactions with the cryptocurrency accounts of corporate and institutional clients. Since then, is has presumably been able to provide clients with cryptocurrency custody services and conversion of cryptocurrency into fiat money.