Germany’s third largest bank COMMERZBANK is going to buy Russia’s PROMSVYAZBANK. According to market participants, the acquisition will be carried out this year. Experts put the bank’s value at $1.5 billion. A week ago, PROMSVYAZBANK co-owner Dmitry Ananyev became a representative of the Yamal Nenets Autonomous Area in the Federation Council. The German bank wants to buy the bank from the brothers Ananyev. The deal may be finalized within a year. According to The Banker, COMMERZBANK is 23rd in Western Europe and 40th globally. In Russia, COMMERZBANK has maintained a subsidiary, COMMERZBANK (EURASIA), since 1998.
Source: BANKIR.RU, August 28, 2006
