While the third largest bank belonging to the Russian Federation, Gazprombank, has yet to give an official statement on this move, the source confirmed that the bank preferred to wait for better market conditions before continuing on with the Swiss Franc Tier 2 deal. 

Arrangements have already been made. The bank had already put forward price estimates at 5% to 5.5% for the 10.25-year non-call 5.25-year issue done on Wednesday. The deal had been set to transpire on Thursday. This latest development or pullout by Gazprombank however, postponed all arrangements. 

The leads, which are Credit Suisse and UBS all declined to comment on Russia's Gazprombank's decision.

Gazprombank has been on operations since 1990. A subsidiary of Gazprom, which is a dominating Russian-owned natural gas extraction firm, Gazprombank serves both private and commercial clients belonging to different industries, such as oil, chemical and more others. It currently has 43 branches across Russia.