Russia’s Sberbank has registered its subsidiary Sber Trading Swiss AG (STS) in the canton of Zug, Switzerland. The newly established company will specialize in commodity finance and tangible goods deals. Its office is scheduled to be opened and first deals are expected to be signed in the first half of 2020, corporate website reports.
According to Anatoly Popov, Deputy Chairman of the Executive Board, “Sberbank is actively developing its commodity and raw materials business, while building up a trading infrastructure to back it. Our new international trader STS will specialize in prepayments, postpayments, monetization of inventory and physical transactions with commodities. Creating STS in a European jurisdiction will help us enter new markets, scale up and diversify our commodity transactions.”