Nordea's Russian part-owned bank IMB and BACAR combine resources

Nordea's Russian part-owned bank IMB and BACAR combine resources One of the strategic stakeholders in International Moscow Bank (IMB), which is partly owned by Nordea, Bayerische Hypo- und Vereinsbank, have entered into a merger with Bank of Austria. Consequently, IMB will be merged with Bank Austria Creditanstalt, Russia (BACAR). According to merger plans, IMB is to take over BACAR. The shareholders say that the combined bank will have a stronger position and better profitability. In terms of total assets, the new bank will be Russia's fourth largest, with 6,000 corporate customers of which 1,000 are foreign companies operating in the country. 500 of these companies are Nordic. The bank has 20,000 personal customer. According to Mr Hannu Halttunen, Vice Chairman of the Board of Directors, this is the first time in Russia that two predominantly foreign-owned banks have merged. -IMB and BACAR complement each other in many ways. IMB's strength lies in servicing corporate customers, while BACAR is particularly competent in retail services. The unified bank will be able to render a wide range of high standard services on the basis of up-to-date technologies. - We believe that the new bank can provide Nordea's Nordic corporate customers with even better services than before. The merger facilitates the provision of a wide range of high standard services to Russian companies and personal customers. Completion of the merger in 2001 The merger process is scheduled to be finalised by the end of 2001. The Bank of Russia has to approve the decision taken by the shareholders. IMB is the first joint venture banking institution in Russia. Its shareholders are Bayerische Hypo- und Vereinsbank AG / Germany (41%), Banque Commerciale pour L'Europe du Nord (Eurobank)/France (22.1%), Merita Bank Plc/Finland (20.5%), European Bank for Reconstruction and Development/ EBRD (10%), The Industrial Bank of Japan / Japan (3.5%) and Sberbank of Russia (2.9%). In the new bank the ownership stakes are approximately the same. For further information: Hannu Halttunen, tel. +358 50 61706 Esa Teräväinen, tel. +358 9 165 52760 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/05/10/20010510BIT00850/bit0002.doc http://www.bit.se/bitonline/2001/05/10/20010510BIT00850/bit0002.pdf