Nordea to buy 75% of OrgresBank
9 Nov, 2006 11:07
Scandinavia's largest bank, Nordea has announced plans to buy a 75% stake in Russia's OrgresBank for $US 313 million dollars. The bank's current management and the European Bank for Reconstruction and Development will split the remaining 25%.
Nordea said it wants to increase OrgresBank's presence in Russia, with analysts pointing out Scandinavian banks have been slow to move into the Russian market. However, they indicated there's still plenty of potential acquisition targets and predict Nordea will be looking for more buying opportunities.