Russia’s Sberbank continues to expand its presence in commodities markets and opens its trading company in Zug, Switzerland, bank’s website reports. Sber Trading Swiss AG will become the main hub of Sberbank’s international physical commodity trading.
The opening of the office in Zug has become a key addition to the existing physical commodity trading infrastructure in precious metals (PAO Sberbank), and the local physical trading house (OOO SB Commodities Trading). Sber Trading Swiss AG will allow Sberbank Group to scale up and diversify its presence in physical commodities markets.
“By opening our own International trading company we have moved to a new level in physical commodity trading,” Anatoly Popov, Deputy Chairman of Sberbank’s Executive Board, said. “We expect Sber Trading Swiss AG to strengthen our position as one of the largest providers of solutions for our clients in international and local commodity trading, structural financing and strategic hedging. The company will focus on international trading in oil and oil products, coal, base metals, bulk and agricultural products. We are planning to work primarily with the Sberbank clients, producers and consumers of raw materials in Russia and the CIS countries, and expect the first transactions to be conducted in the third quarter of this year.”