“China’s ICBC to buy Russia’s Rosevrobank”

Deals

Industrial & Commercial Bank of China Ltd (ICBC) the world’s biggest bank by market value, is buying 100% of Russian bank Rosevrobank for between $800 million and $850 million, a newspaper reported on Friday.

“The parties of the deal have come to an agreement, documents will be signed in the near future and settlement could take place at the end of this year or at the start of next year,” Kommersant business daily reported, quoting a source close to shareholders of the Russian lender.

No-one at Rosevrobank was immediately available for comment. Rosevrobank, ranked among Russia’s top 100 banks, is 84% owned by Rosevrogroup, with the remainder being held by three investment funds. (Reuters)

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.