BA-CA acquires a 20 per cent interest in Russian bank IMB
Bank Austria Creditanstalt (BA-CA) has today finalised the acquisition of a 19.77 per cent shareholding of International Moscow Bank (IMB) from VTB Bank (France) SA (previously Banque Commerciale pour l’Europe du Nord-EUROBANK) for a price of US$395 million. BA-CA will also pay VTB Bank (France) SA approximately US$20 million for the capital increase subscribed by VTB in IMB earlier in December.
Pursuant to the agreement signed earlier this year by BA-CA and Bayerische Hypo- und Vereinsbank (HVB), BA-CA is also expected to acquire HVB’s 70.26 per cent shareholding of IMB. Completion of this transaction is expected by the end of the first quarter of 2007.
Following the acquisition of the shareholdings held by VTB France and HVB, BA-CA will hold 90.03 per cent of IMB’s total share capital which corresponds to 95.19 per cent of IMB’s voting capital. Besides BA-CA, the only other remaining shareholder is the European Bank for Reconstruction and Development (EBRD).