B&N Bank Acquires 100% of Moskomprivatbank’s Shares
OREANDA-NEWS. April 07, 2014. The deal is concluded as the part of B&N Bank’s strategy for retail business expansion. Moskomprivatbank’s value is based on market approach and is estimated at RUB 6bn (including a subordinated loan). Settlements will be effected by monetary funds and Ukrainian assets of the majority shareholder of B&N Bank - Mikail Shishkhanov.
The parties intend to close the deal in the short term.
Due to high social importance of Moskomprivatbank, Deposit Insurance Agency (DIA) provided assistance to B&N Bank in a form of RUB 12bn loan. The loan proceeds will be used for maintenance of Moskomprivatbank’s liquidity and implementation of the project related to creation of independent IT-infrastructure of the credit institution.
B&N Bank will act as an acquirer under the rehabilitation procedure of Moskomprivatbank approved by the Central Bank of the Russian Federation (CBR). In March 2014 CBR imposed temporary administration in Moskomprivatbank, however the bank continued its activities in accordance with the issued license. DIA was assigned as the temporary administrator of Moskomprivatbank.
New governing bodies will be elected at the upcoming general meeting of shareholders of Moskomprivatbank. Afterwards, powers of the temporary administration will be terminated and further activities of Moskomprivatbank will be carried out under the control of B&N Bank.
Moskomprivatbank’s branch network is represented in 31 regions of the Russian Federation (3 branches and 220 sub-branches, about 2,000 ATMs and 9,000 POS terminals).
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