Asokerco Trading Limited, the beneficial owner of which is B&N Bank majority shareholder Mikail Shishkhanov, has closed a transaction to buy DNB Bank, B&N Bank said in a press release. Meanwhile, details of the transaction remain unknown.

Murmansk-based DNB Bank was previously part of Norwegian financial group DNB. The transaction to buy the bank, which became known this April, was executed in line with B&N Bank’s strategy aimed at expanding retail business.

The bank noted in the press release that DNB Bank has exhibited strong business efficiency, stable financial indicators and “its ability to compete locally with federal banks”.

Earlier in the year B&N Bank snapped up 100% of Moscomprivatbank from Ukraine-based PrivatBank.