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

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)