Nordea Bank finalized the acquisition deal of a 75.01 per cent stake in JSB Orgresbank

29.03.2007

Nordea Bank finalized the acquisition deal of a 75.01 per cent stake in JSB Orgresbank

Nordea Bank and JSB Orgresbank signed an agreement on Nordea Bank acquisition of control stake in JSB Orgersbank (Moscow) in November 2006 with the total deal value amounting to USD 313.7 mln. (EUR 246 mln.).The remaining 24.99% shall belong in equal shares to the group of Orgresbank top-managers and to the European Bank of Reconstruction and Development.

The deal shall create for the parties new development perspectives in the corporate and retail segments of the Russian market and shall entail broadening of Orgresbank branch network in order to ensure its presence in the most economically developed regions of Russia.

JSB Orgresbank shall benefit from the new partnership with Nordea Bank through acquiring additional competitiveness, shall allow to upgrade the existing banking products for the private and corporate customers and to establish new business areas.

Within JSB Orgresbank a new structure - International Business Division – was established with the goal to provide assistance to Nordea customers and to other international corporations.


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