BA-CA completes the acquisition from HVB of the Russian bank IMB
- Acquisition of the majority stake of one of the Russian top-banks closed today
HVB has sold its interest of 70.26 per cent in International Moscow Bank (IMB) to
BA-CA in cash for a price totalling € approx. 1 billion. BA-CA has recently acquired also the 19.77 per cent interest in IMB held by VTB Bank France. Following the acquisition of the shareholdings held by VTB France and HVB, BA-CA holds now 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).
At present IMB is the ninth-largest bank in Russia, with total assets of US$ 7.7 billion (as at 30 September 2006). The bank currently employs some 1,800 staff and operates 45 branches, although IMB expects to significantly expand its distribution network in the medium term. IMB will be fully consolidated within BA-CA as of 1 January 2007.
IR-Release download (PDF, 101 KB)