SpareBank 1 Nord-Norge has today signed a letter of intent with Tavrichesky Bank, St. Petersburg, Russia with regard to SpareBank 1 Nord-Norge's purchase of an ownership of 10 % in Tavrichesky Bank.

 

The letter of intent also include the sale of Tavrichesky Banks branch in Murmansk to a separate bank owned by SpareBank 1 Nord-Norge (75 %) and Tavrichesky Bank (25 %).

 

Tavrichesky Bank has its main office in St. Petersburg and has total assets of approximately 10 bill rubles.  The Bank's branch in Murmansk has 21 employees and total assets of approximately 185 mill rubles.