Russia’s INVESTSBERBANK seems to have found a strategic investor at long last. The bank is a co-owner of the Novorossiisk Merchant Seaport. The bank is close to wrapping up the sale of a major block of its shares to the Hungarian OTP Bank, the largest independent bank in Central Europe. Looking to expand its operations in Eastern Europe, OTP Bank aims to invest $1.15 billion in the Russian and Ukrainian banking sectors. The structure of the deal is not yet clear. The problem is that INVESTSBERBANK is in the process of merging with two regional banks. Two years ago, the bank bought 54% in OMSKPROMSTROIBANK and a blocking stake in the Novorossiisk PROMFINSERVICEBANK. The three banks are to become a single legal entity no sooner than 2007.
Source: WWW.KOMMERSANT.RU, May 30, 2006
