It became known on June 20 that the German BAYERISCHE HYP0 UND VEREINSBANK (HVB) was taking over 26.4% in the INTERNATIONAL MOSCOW BANK (IMB) from the Scandinavian NORDEA bank. HVB is controlled by Italy’s UNICREDITO. HVB’s takeover by UNUCREDITO last year caused NORDEA’s decision to part with HVB. The Scandinavians suggested that the German bank either sell its shares in IMB or buy up NORDEA’s shares in the bank. The deal will be closed after being approved by regulators. As a result, HVB’s stake in IMB will grow from 52.9% to 79.3%. The deal is being touted as the largest in the Russian banking sector. The remaining shares in IMB belong to the EBRD and the French BCEN EUROBANK, which has recently come under the control of VNESHTORGBANK (VTB). VTB vice president Vasily Titov said the bank would like to sell its shares in IMB, but had not yet received a proposal to buy the shares. NORDEA will remain in Russia after selling its IMB shares. The Scandinavian group is seeking to buy a Russian retail bank with a network of 30 to 40 branches across Russia.
Source: VEDOMOSTI, June 21, 2006
