The St. Petersburg’s East European Finance Corporation (EEFC) has taken over a controlling stake in the MDM BANK ST. PETERSBURG. EEFC shareholders have finalized the purchase of 86% of shares, including 96% of voting shares, in the bank. Experts estimate the deal at $100—120 million. MDM BANK ST. PETERSBURG has thus become the sixth member of the EEFC group. The corporation unifies PETRO AERO BANK, INKASBANK, RUSCOBANK, VYBORG BANK and URALTRUSTBANK. According to INTERFAX CEA, as of January 1, 2006, MDM BANK ST. PETERSBURG had R14.2 billion in assets (78th in Russia) and R1.3b in capital (122th).
Source: WWW.NOVECON.RU, May 30, 2006
