Unicredit: Ba-Ca purchases 20pct of russian bank IMB

Unicredit, through Bank Austria Creditanstalt (BA-CA), responsible within the group for banking activities in Central-Eastern Europe, has finalised the purchase of 19.77pct of the International Moscow Bank (IMB) from VTB Bank (France) for a price of 395 million dollars.

BA-CA will also pay VTB Bank (France) about 20 million dollars for the increase in IMB capital signed by VTB Bank (France) in December. On the basis of the agreement signed earlier this year by BA-CA and HVB, BA-CA will purchase shares of 70.26pct of IMB capital currently held by HVB, a press release read.

It is expected that the operation be finalised by the end of the first quarter of 2007. After the purchase of the stocks currently held by VTB France, Unicredit will be indirectly controlling, through HVB and BA-CA, 90.03pct of total IMB company capital, 95.19pct of capital with the right to vote. The European Bank for Reconstruction and Development (EBRD) will be the only other shareholder for IMB. (AGI)

Source: agi.it