Sberbank launches physical commodities trading arm in Zug, Switzerland

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Russia’s largest lender has opened a commodities trading company in Switzerland focused on oil, base metals and bulk commodities.

It is planned that the new unit, Sber Trading Swiss AG, will become Sberbankthe main hub for the international trading of physical commodities.

Located in Zug, Sber Trading Swiss AG will also enable Sberbank to expand and diversify its presence in the physical commodity markets.

Anatoly Popov, Vice President of Sberbank, said: “By opening our own international trading company, we have moved to a new level in physical commodity trading.

“We expect Sber Trading Swiss AG to strengthen its position as one of the leading solution providers for our clients in international and local commodity trading, structural finance and strategic hedging.”

Denis Lunin, a veteran of the physical commodities and fixed income markets at a number of Russian and international banks, has been appointed managing director of the new company.

The new office was already a key addition to Sberbank’s precious metals trading arm, PAO Sberbank, and local physical trading house, OOO SB Commodities Trading.

Among the services offered by Sber Trading Swiss AG were international purchase and sale of physical commodities, international commodity financing and reserve monetization (repurchase operations of commodities) for oil and crude oil products, base metals, bulk and agricultural products.

The first transactions were to be completed in the third quarter of 2020.

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