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Commerzbank to Approach Russia’s Retail
German Commerzbank is expected to announce today the purchase of 15.32 percent in Russia’s Promsvyazbank. The stake could cost no more than $150 million, the analysts say, stressing that German bankers are lured by retail portion of Promsvyazbank credit portfolio, which doesn’t exceed 8.2 percent, and by more than 110 affiliates and auxiliary offices of this bank of Russia.
As of April 1, 2006, Promsvyazbank was scored just the 16th in equity (11.4 billion rubles) and was the 12th in the net asset total (119.9 billion rubles), according to Kommersant Dengi. The bank’s beneficiaries are BOD Chairman Dmitry Ananyev and his brother Alexey Ananyev.
Germany’s second bank, Commerzbank (ˆ615 billion in assets) is represented in 40 states of the world, including Russia, where it arrived in 1998. Servicing corporate clients is the key concern of its Russia’s subsidiary, Commerzbank (Eurasia).
Even though the bank hasn’t disclosed the deal budget so far, the analysts never doubt that the cost will be moderate. The 15 percent in Promsvyazbank, says Denis Mukhin from Brokercreditservice, could be from 2.8 to 3.3 equity ratio, i.e. between $180 million and $210 million. “The upper ceiling of the deal is within $170 million,” estimates Anton Pak, the management director of Rosbank department. “But in view of the corporate business of the bank, the real price could be no more than $140 million to $150 million.”
The sources say Commerzbank intends to step up the stake in Promsvyazbank in early 2006, though Ananyev brothers will hardly part with majority holding.
www.kommersant.com
All the Article in Russian as of Aug. 29, 2006
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