OREANDA-NEWS. On October 3, MDM Bank announced that the International Finance Corporate (IFC) had completed acquisition of a 5% stake in the Bank's shareholder capital through the purchase of an additional share issue for USD 184 million.

According to the Bank press service, for MDM Bank this transaction marks another important step toward implementing the Bank's strategy to become Russia's leading privately-owned bank. As a strategic investor, IFC provides access to global banking expertise and best practices, which MDM Bank will use to further improve operational efficiency and quality of services, as well as to continue to enhance its market-leading transparency and corporate governance.

Michel Perhirin, Chairman of MDM Bank's Management Board, said: "We welcome the arrival of IFC as a shareholder. IFC will contribute to implementing and refining the Bank's development strategy, and our partnership with IFC has already produced results: we have successfully implemented several joint projects related to SMEs and mortgage lending, energy efficiency investments and trade finance. We are confident that with the help of IFC, MDM Bank will achieve excellent results and provide even better service to our clients. MDM Bank has set an ambitious goal for itself - to be the leading privately-held bank in Russia - and we are pleased that IFC has come on board to help us achieve this.'

Edward Nassim, IFC's Vice President for Africa, Europe and Middle East, noted: "We look forward to working with the bank and to supporting its development strategy. MDM Bank has significant potential and we believe that this investment will contribute in setting best business standards in the Russian financial markets."