License to acquire 75% of shares in Russian bank

SpareBank 1 Nord-Norge is negotiating with OAO Bank Tavrichesky, St Petersburg, on an agreement for the acquisition of all shares in Agrokredbank from current owners.
Upon takeover the bank will have disposed of its existing portfolio, but will retain full licensing for banking operations in Russia. Agrokredbank will be restructured and form the basis of a new bank in northwest Russia with its main operations in Murmansk and a registration address in St Petersburg. The agreement is dependent on licensing from Russian authorities.
If the agreement is effectuated, the distribution of shares will be as follows:
SpareBank 1 Nord-Norge 75 percent, and OAO Bank Tavrichesky 25 percent.
Contacts with SpareBank 1 Nord-Norge:
CFO Rolf Eigil Bygdnes,
tel. +47 77 62 22 11
mobile +47 905 19 774

About Us

SpareBank 1 Nord-Norge is a leading provider of financial products and services in North-Norway. In addition to loans, deposits and payment transmission services, this also comprises most other savings products, as well as life- and non-life insurance products. Services and products are made available either by the bank and its subsidiaries, or through SpareBank 1 Gruppen AS's product companies.