TradeXBank to resume USD operations following resolution of legacy issue with OFAC
Dynamics Group AG / Key word(s): Legal Matter
TradeXBank to resume USD operations following resolution of legacy issue with OFAC
06.05.2024 / 17:00 CET/CESTTradeXBank to resume USD operations following resolution of legacy issue with OFAC
· *Office of Foreign Assets Control (OFAC) of the U.S. Department of Treasury has finalised delisting of Sberbank (Switzerland) AG, the predecessor of TradeXBank, from its Sectorial Sanctions Identifications (SSI) list.*
· *This allows TradeXBank to resume operations in US Dollars which is expected in the second half of 2024.*Zurich, 6 May, 2024, TradeXBank fulfills conditions to resume business to its full extent and in particular restart operations in US dollars in the second half of 2024 following the removal of its predecessor, Sberbank (Switzerland) AG, from the Sectoral Sanctions Identifications list of the Office of Foreign Assets Control (OFAC), a US Treasury agency. This step also recognizes the bank’s Swiss ownership structure and its efforts undertaken to apply recognized industry standards to apply highest compliance standards. TradeXBank is fully committed to serve its globally active clients and to further grow the bank’s global franchise.
Christian Lüscher, Chairman of the Board said: "This is an important milestone and puts to bed the final legacy issue from TradeXBank’s predecessor. It’s underlines our unwavering commitment to the highest compliance standards. The Bank fully adheres to Swiss and relevant international (UN, US, EU, and UK) sanctions regimes and performs its operations in alignment with best market practices of leading Western banks. This is well reflected by the fact, that since the change of ownership to a Swiss investment group, TradeXBank itself has never been subject to any sanctions or trading restrictions.”
Camille Sednaoui, Chief Executive Officer, said: “I’m very pleased with this decision. This allows us to return to serve our clients and partners in all relevant currencies and markets in a normal way. I’d like to thank our partners and clients for their support during this transition. Despite the restrictions, we were able to fulfil all our obligations to them and finish 2023 with a profit. We are now preparing to resume active operations in US Dollars which will support our ambitions for growth.
I’m deeply convinced that as we move forward, TradeXBank will become a reference and a pillor of the commodity financial market and strengthening the economy thanks to its expertise.
*About TradeXBank*
TradeXBank is a FINMA licensed, Swiss owned bank based in Zurich with more than 50 employees and specialized in commodity flows in energy, agricultural goods, fertilizers, and metals. The bank is focused on the EMEA region and provides commodity trading, finance, foreign exchange, and hedging. Its operations are based on a strong balance sheet with strong liquidity and capital ratios well above regulatory requirements.
*TradeXBank AG *
Media Contact:
info@TradeXBank.ch --------------------
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