Abdallah Chatila is in advanced negotiations to buy the Swiss subsidiary of Russian Sberbank, which has been hit by international sanctions, «LeTemps» reported Tuesday.

Chatila has a fortune of 300 to 400 million Swiss francs (313-to-418 million US dollars), according to estimates by the magazine «Bilan.» The businessman of Lebanese descent built on his family’s fine jewelry business, expanding into real estate and healthcare, with M3 Groupe employing 1500 staff, the report added.

Zurich-based Sberbank, which is active in commodity finance has been up for sale after its Russian owner, one of Russia’s main banking groups, was placed under international sanctions in connection with Russia's invasion of Ukraine.