Norwegian DNB Bank ASA (“DNB”) has agreed to sell JSC Commercial Bank DNB Bank (“DNB Russia”), comprising all of DNB’s operations in Russia, to Asokerco Trading Limited LLC. The beneficiary owner is Mikail Shishkhanov, the majority shareholder of B&N Bank (JSC)
The terms of the transaction are not published, the Norwegian bank writes in a press release.
DNB Russia is a regional leader in Murmansk with strong market share in retail and corporate banking. The sale of the Russian operations is in line with DNB’s strategy to focus its operations, optimize the use of capital and increase profitability. The transaction remains subject to the relevant regulatory approval.
Through this acquisition, B&N Bank will establish a footprint in Murmansk adding to its expanding outreach across the Russian Federation.
Societe Generale acted as exclusive financial adviser to DNB. Allen & Overy was the legal adviser to DNB while Norton Rose Fulbright was B&N Bank’s legal adviser.
Source: Press release DNB Bank ASA