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EBRD equity in Russian bank owned by largest Baltic financial group
440 million rouble EBRD investment to strengthen Russian ties with Baltic and Scandinavia
The European Bank for Reconstruction and Development has agreed to take a
stake of up to 15% in OAO Hansabank, a new entity established by the largest
financial services group in the Baltics to foster trade between Russia and its
Baltic and Scandinavian neighbours.
The investment of up to RUB 440 million by the EBRD follows the
recapitalization of a small Russian bank bought by the Swedish-owned AS
Hansapank in order to turn its Russian arm into a full service bank offering
financing and cash management products to Baltic, Scandinavian and Russian
corporate customers.
The Moscow-based Hansabank plans to open offices in St. Petersburg and
Kaliningrad to foster cross-border trade and investments in order to
strengthen links between these key Russian regions and their neighbours in the
European Union.
The EBRD was a minority shareholder in AS Hansapank until earlier this year
when Sweden’s Swedbank completed the increase of its stake in the financial
services group to 100 percent. Hansabank Group runs retail and corporate
banking in the three Baltic states, as well as offering life insurance and
asset management.
In 2002, the EBRD also helped the Baltic group set up Hansa Leasing Russia,
which quickly established itself as the leading lessor of railway freight cars
in the country.
The Russian Hansabank is the legal successor of OAO Kvest, a small Russian
bank, into which AS Hansapank injected €79 million in new capital after
purchasing it.
The EBRD welcomes the opportunity of embarking on a new project in Russia with
a trusted partner and feels confident that this new bank will stimulate
competition in the sector by introducing new high quality products to the
market, Kurt Geiger, EBRD Business Group Director in charge of financial
institutions, said at a signing ceremony in Moscow.
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