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Sunday, April 5, 2020

Asokerco Trading acquires DNB Bank Russia

Asokerco Trading Ltd. recently completed its acquisition of DNB Bank in Murmansk, Russia.

Asokerco, an entity affiliated with B&N Bank, recently fulfilled all conditions and regulatory approvals for the transaction. DNB was previously owned in full by a subsidiary of the leading Norwegian financial group DNB Bank ASA, according to a press release from B&N Bank.

The terms of the transaction were not disclosed, though an agreement was made in April to expand B&N Bank's retail business and presence in the Murmansk region.

DNB Bank, which is an established member of the Murmansk banking market, has demonstrated sustainable financial performance, high business efficiency and an ability to continue competing with federal banks in the Murmansk region. The bank is profitable and retains a stable corporate and retail client base.

DNB's exclusive financial adviser in the deal was Societe Generale, while Allen & Overy served as DNB's legal adviser and Norton Rose served as B&N's legal adviser.