The Central Bank of the Russian Federation recently approved Asokerco Trading Limited's acquisition of Norwegian commercial bank DNB Bank's Russian arm in Murmansk.

DNB Bank, the leading Norwegian financial group, currently owns a 100 percent stake in DNB Russia, which will be acquired by Asokerco. Asokerco is owned by Mikhail Shishkhanov, the majority shareholder of B&N Bank, according to a press release.

DNB Russia has demonstrated sustainable financial performance, high business efficiency and an ability to compete locally with the federal banks in the Murmansk region. The bank is profitable and holds a stable number of business and private customers.

"Purpose of this acquisition is to expand B&N Bank's regional branch network," Shishkhanov said. "It is the best and most efficient way of entering Murmansk regional market which allows us to get loyal clients and sustainable business. DNB Russia is capable of operating in the region through its seven retail offices to generate strong profits."