Russia's B&N Bank announced on Wednesday that it acquired 100 percent of Moskomprivatbank's shares from Ukrainian PrivatBank.
The deal was part of B&N Bank's strategy to expansion of its retail business. The value of the shares is estimated at $168 million, including a subordinated loan. Settlements will be impacted by monetary funds and the Ukrainian assets of the majority shareholder of B&N Bank, Mikail Shishkhanov.
The Deposit Insurance Agency provided assistance to B&N Bank in the form of a $336 million loan. The loan proceeds will be used to maintain Moskomprivatbank's liquidity and implement a project related to the creation of an independent information technology infrastructure for Moskomprivatbank.
The Central Bank of Russia appointed DIA as the temporary administrator of Moskomprivatbank in March, as Moskomprivatbank continued its activities in accordance with its issued license.
New governing bodies will be elected at Moskomprivatbank's upcoming general meeting of shareholders, after which the powers of temporary administration will be terminated. Further Moskomprivatbank activities will be carried out under B&N Bank's control.
Moskomprivatbank's branch network extends throughout 31 regions of the Russian Federation.
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