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KBC Bank N.V. of Belgium Buys Out Big Bank in Russia
KBC Bank N.V. of Belgium has bought out 92.5 percent in Russia’s Absolut Bank, the 30th bank of the country in asset size. The deal will be completed in the third quarter of 2007; the overall value of Russia’s bank was estimated at ˆ761 million.
For KBC, Absolut Bank’s acquisition paves the way to the market of Russia, which the Belgian bank views one of the most dynamic in Europe. This purchase is in line with the KBC strategy to expand in Eastern Europe, adding to assets acquired in Bulgaria, Romania and Serbia.
The interest of world giants in the bank sector of Russia has intensified recently. It is thought one of the most attractive not only in Europe but even worldwide. Till 2015, the trend for aggressive growth in bank revenues will survive only in Russia, concluded the analysts of McKinsey. The earnings of Russia’s banks are forecasted to step up five fold to $90 billion a year.
Absolut Bank was established in 1993. The consolidated worth of its assets under IAS amounted to 66.3 billion rubles as of December 31, 2006. The bank is focused on granting credits to clients, including trade funding, and operates mostly in Moscow.
www.kommersant.com
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