Are you sure?

Finland's Evli Bank expands in Russia

Finland's Evli Bank said it has agreed to buy a 49.9% percent stake in corporate financing firm Avanko, to expand in Russia where it expects mid-size companies to seek listings on the Nordic stock exchange OMX.

Finnish Avanko has offices in St Petersburg and Moscow and operates mainly in Russia. Financial details of the deal were not disclosed.

“Listing in the OMX will be a good alternative for Russian mid-market companies,” said Avanko Managing Director Grigory Dudarev. “Some have listed in (London) AIM list, and OMX is closer.”

Dudarev said Evli and Avanko would advise firms interested in listing to go either for the OMX main list or its smaller-cap First North list.

“Principally, we expect a steady stream of younger, dynamic companies,” he said, and added companies with operations in several countries in the Baltic Sea region would be the most natural OMX listing candidates.

“An ever-increasing share of our clients plan on expanding to Russia,” Evli Bank Chief Executive Maunu Lehtimaki said at a news conference. (Reuters)