SpareBank 1 Nord-Norge acquires a foothold in Russian banking industry and establishes a bank in Murmansk, Russia
Today, SpareBank 1 Nord-Norge has entered into an agreement to acquire a 10 per cent equity stake in Bank Tavrichesky OJSC in St. Petersburg. In addition, as part of this agreement, a new bank will be established in Murmansk, based on Bank Tavrichesky's branch in Murmansk. SpareBank 1 Nord-Norge will own 75 per cent of the new bank and Bank Tavrichesky 25 per cent.The Share Acquisition Agreement which has now been entered into is a direct follow-up of the Letter of Intent which was signed by Bank Tavrichesky and SpareBank 1 Nord-Norge on 19 December last year. According to this