AKSJF - Sberbank selling Russian business to m3 Groupe Finma says

• Sberbank ( OTC:AKSJF ) is selling Sberbank (Switzerland) AG to m3 Groupe Holding, said Switzerland's financial regulator Finma on Friday. Swiss and foreign authorities for sanctions law have given their consent for the transaction.
• Finma has lifted the ban on transactions and payments imposed on Sberbank (Switzerland) AG from Sept. 2, 2022, 10 AM Swiss time until midnight on Monday Sept. 5, 2022 to allow the sale to go through.
• The restructured bank will continue its operations on the basis of the existing Finma license under the new name of TradeXBank AG, the regulator said. "FINMA will continue to monitor the bank closely and will terminate the investigating agent's mandate in due course," it said.
• The U.S. and its allies imposed full blocking on Sberbank ( OTC:AKSJF ) in April in efforts to isolate Russia from the global financial system after Russia invaded Ukraine on Feb. 24.

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