Norwegian bank buys Russian bank
The North Norwegian bank Sparebank1 Nord-Norge has got license to buy 75 percent of the shares in the Russian bank North West 1 Alliance Bank. The new bank opens new possibilities for Nordic companies in North-West Russia.
The remaining 25 percents of the shares will be owned by the Norwegian bank’s Russian partner Bank Tavrichesky in St. Petersburg. The new bank’s main office will be in St. Petersburg and there will be a branch in Murmansk, Sparebank1 Nord-Norge writes in a press release.
Northwest Russia is a priority region for Sparebank1 Nord-Norge. The bank owns 10 percent of the shares in Bank Tavrichesky and already has an office in Murmansk.
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- The license is a milestone in Sparebank1 Nord-Norge’s four years long struggle to get a foothold in Russia, says CEO Hans Olav Karde. – This opens up the possibility of attracting more Nordic companies to North-West Russia, he adds.
Sparebank1 Nord-Norge in October last year got permission from the Norwegian Ministry of Finances for acquisition of 75 percent of the shares in the Russian bank Agrokredbank in Cherepovets. The bank was renamed North West 1 Alliance Bank and moved to St. Petersburg, Fontanka.ru writes.
The North West 1 Alliance Bank has 37 employees, including three managers recruited from Sparebank1 Nord-Norge. The official opening of the North West 1 Alliance Bank is planned for September 16th 2010.
