PAO Sberbankof Russia is set to wind down and possibly even completely shutterits corporate and investment banking activities in London and New York, bneIntelliNews reported March 31, citing "sources close to the bank."
"The London and New York offices may either soon beshut or slimmed down to a name plate," one source reportedly said. Aspokesman for the bank's operations in London confirmed that Paolo Zanibonideparted as CEO ofthe office but said the division "is very much open."
AO Gazprombank,another sizable Russian lender, is also planning to close its London operation,the report added.
The banks are reportedly finding it difficult to overcomesanctions imposed in 2014 by the EU and U.S. following Russia's involvement inthe Ukraine conflict and its annexation of the Crimean peninsula.