(MENAFN- Swissinfo) TradeXBank, the former Swiss branch of Russia's Sberbank, will be able to resume its dollar-denominated activities from the second half of this year following resolution with the Office of US Foreign Assets Control (OFAC), a US Treasury agency.
This content was published on May 7, 2024 - 14:02 2 minutes Keystone-SDA
This move follows the removal of TradeXBank's predecessor, Sberbank (Switzerland) AG, from an OFAC sanctions list, the bank said in a statement on Monday.
TradeXBank stressed this step“recognises the bank's Swiss ownership structure and its efforts undertaken to apply recognised industry standards to apply highest compliance standards”.
“This is an important milestone and puts to bed
the final legacy issue from TradeXBank's predecessor,” said Christian Lüscher, chair of the board of directors, said in the statement.
+ Russia's Sberbank Switzerland changes hands to new Swiss owner
The Swiss branch of Russia's Sberbank was sold in 2022 to the Geneva-based m3 Groupe Holding company, owned by Abdallah Chatila, freeing the bank from intensive supervision by Swiss financial regulator.
As the new Geneva-based owner became the main shareholder, the bank was automatically released from its sanctions.
Based in Zurich and employing more than 50 people, TradeXBank specialises in commodity trade finance in the fields of energy, agricultural products, fertilisers and metals.
Adapted from French by DeepL/sb
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.
If you want to know more about how we work, have a look
here , and if you have feedback on this news story please write to
... .
External Content Your subscription could not be saved. Please try again. Almost finished... We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you. Daily news
Get the most important news from Switzerland in your inbox.
Daily
Email
The SBC Privacy Policy provides additional information on how your data is processed.
I consent to the use of my data for the SWI swissinfo newsletter.
News More University students in Switzerland join Gaza protest wave
This content was published on May 7, 2024 Pro-Palestinian activists occupied university buildings in Lausanne, Geneva and Zurich on Tuesday, widening the protest movement in the Alpine nation.
Read more: University students in Switzerland join Gaza protest wave More Geneva decides not to remove controversial memorials
This content was published on May 7, 2024 The city of Geneva has presented an action plan regarding a series of controversial local statues and monuments of historical figures linked to racism, colonialism or slavery.
Read more: Geneva decides not to remove controversial memorials More University of Lausanne calls for end to pro-Palestine sit-in
This content was published on May 7, 2024 The pro-Palestinian occupation continues at the University of Lausanne (UNIL). On Monday evening, a group of students refused to agree to the deadline set by the rectorate.
Read more: University of Lausanne calls for end to pro-Palestine sit-in More New Vatican Swiss Guard recruits sworn in
This content was published on May 7, 2024 The Pontifical Swiss Guard received 34 new recruits at a swearing-in ceremony at the Vatican on Monday.
Read more: New Vatican Swiss Guard recruits sworn in More Ukraine peace conference should include Russia, says Chinese ambassador
This content was published on May 7, 2024 China supports a peace conference on the Ukraine war that would see equal participation of all parties, says Chinese Ambassador to Russia Zhang Hanhui.
Read more: Ukraine peace conference should include Russia, says Chinese ambassador More UBS returns to profit as wealth, investment bank drive beat
This content was published on May 7, 2024 UBS has recorded its first quarterly profit since taking over rival Credit Suisse.
Read more: UBS returns to profit as wealth, investment bank drive beat More Swiss pacifists fight back against army rearmament plans
This content was published on May 6, 2024 The Group for a Switzerland without an Army (GSOA) support abolishing nuclear weapons and an end violence.
Read more: Swiss pacifists fight back against army rearmament plans More Swiss are open to assisted reproduction
This content was published on May 6, 2024 A majority of Swiss citizens have open attitudes towards various infertility treatments, including even egg donation, which is currently prohibited.
Read more: Swiss are open to assisted reproduction More Reports of Swiss cyber fraud almost doubled in six months
This content was published on May 6, 2024 The head of the new Federal Office for Cybersecurity (FOC), Florian Schütz, has presented a new strategy after just over four months in office.
Read more: Reports of Swiss cyber fraud almost doubled in six months More Ecological status of Swiss streams insufficient according to study
This content was published on May 6, 2024 Pesticide use and obstructions of waterways have a particularly negative impact on sensitive organisms, completely absent in 70% of streams analysed.
Read more: Ecological status of Swiss streams insufficient according to study
In compliance with the JTI standards
More: SWI swissinfo certified by the Journalism Trust Initiative
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at ... .
MENAFN07052024000210011054ID1108184692