License to acquire 75% of shares in Russian bank
(Thomson Reuters ONE) - The Ministry of Finance has given SpareBank 1 Nord-Norge license toacquire 75 percent of the shares in Russian ZAO Agrokredbank. Theprice of the transaction beyond the value of net assets shall bewithin a limit of NOK 30 million.SpareBank 1 Nord-Norge is negotiating with OAO Bank Tavrichesky, StPetersburg, on an agreement for the acquisition of all shares inAgrokredbank from current owners.Upon takeover the bank will have disposed of its existing portfolio,but will retain full licensing for banking operations in Russia.Agrokredbank will be restructured and form the basis of a new bank innorthwest Russia with its main operations in Murmansk and aregistration address in St Petersburg. The agreement is dependent onlicensing from Russian authorities.If the agreement is effectuated, the distribution of shares will beas follows:SpareBank 1 Nord-Norge 75 percent, and OAO Bank Tavrichesky 25percent.Contacts with SpareBank 1 Nord-Norge:CFO Rolf Eigil Bygdnes,tel. +47 77 62 22 11mobile +47 905 19 774This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.10.2009 - 08:03 Uhr
Sprache: Deutsch
News-ID 7588
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