Sovcombank buys 100% in subsidiary of Kazakhstan’s Eurasian Bank

MOSCOW, Dec 4 (PRIME) -- Sovcombank has signed an agreement with Kazakhstan’s Eurasian Bank to buy 100% in its Russian subsidiary, Sovcombank said in a statement on Friday without disclosing the sum of the deal.

“Sovcombank and Eurasian Bank announce signing of a binding agreement on acquisition of 100% in a subsidiary bank in Russia from Kazakhstan’s Eurasian Bank,” the statement read.

Co-owner and First Deputy CEO of Sovcombank Sergei Khotimsky said that the acquisition is an important step in development of the bank’s interests in the CIS states and work with a large Kazakh bank on implementation of joint projects.

Sovcombank has no plans to buy assets in Kazakhstan, but wants to develop partnership relations between the two banks on servicing of large corporate clients in the two countries, he said as quoted by the bank.

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