M3 Groupe is buying the subsidiary Sberbank Switzerland from its Russian owner, according to a press release by the Swiss financial regulator Finma, Friday.

Finma temporarily lifted its protective measures at Sberbank Switzerland over the weekend to enable the transaction to be executed, it said in the statement. Details of the deal were not disclosed.

Using its existing Finma license the restructured bank will continue its operations under the new name of TradeXBank, which the financial regulator will continue to monitor, it added.

Restaurants & Banking

Sberbanks' new owner Abdallah Chatila, has business operations in sectors including real estate, hotels & restaurants, and health.

Zurich-based Sberbank, which is active in commodity finance came 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