The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has lifted financial sanctions from Sberbank (Switzerlang) AG, which is now known as TradeXBank AG. This is a Swiss bank formerly owned by Sberbank of Russia.
“The Bank fully adheres to Swiss and relevant international (UN, US, EU, and UK) sanctions regimes and performs its operations in alignment with best market practices of leading Western banks,” said Christian Lüscher, Chairman of the Board.
Founded in 1988 as Eurasco Zurich AG in Zurich, the bank was a joint venture between several financial institutions and metal conglomerates offering credit and trade insurance.
In 2001, it was acquired by Lukoil, one of the world’s largest oil and gas companies.
Later, in 2012, the bank was acquired by Sberbank and continued operations as Sberbank (Switzerland) AG focusing on commodity trade finance and corporate banking.
In September, 2022 Sberbank has closed the deal to sell Sberbank (Switzerland) AG to Swiss company m3 Groupe Holding SA, with Stephen Lynch of Monte Valle Partners becoming the minority shareholder. The deal received all necessary regulatory approvals and the bank started operating under the new name TradeXBank AG.
