Business Services Industry
Nordea to increase holding in International Moscow Bank
Nordic Business Report, Sept 24, 2004
NORDIC BUSINESS REPORT-24 September 2004-Nordea to increase holding in International Moscow Bank(C)1994-2004 M2 COMMUNICATIONS LTD http://www.m2.com
Pan-Nordic financial group Nordea AB said on Friday (24 September) that it would increase its holding in the Russian International Moscow Bank (IMB) to 26.4% by participating in the USD100m share issue to be launched by International Moscow Bank.
Nordea was one of the five international banks which founded International Moscow Bank in 1989, and after the bank crisis in Russia acquired a majority holding in the bank with the German HypoVereinsBank in 1998.
Nordea said that it had agreed on cooperation with HypoVereinsBank and would participate in the share issue.
HypoVereinsBank's holding in the bank would increase from 43.4% to 52.88%, Nordea added.
The other owners of International Moscow Bank are BCEN-Eurobank, the French subsidiary of the Central Bank of Russia, and the European Bank for Reconstruction and Development (EBRD).
One US dollar (USD) is worth approximately 0.56 British pounds (GBP).
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