Nordea has revealed that its 23.4% holding in International Moscow Bank has now been divested according to plan and confirmed that it plans to continue growing in the Russian market by setting up an operation of its own.
Nordea announced in June that an agreement had been signed between its subsidiary Nordea Bank Finland and UniCredit, through its subsidiary Bayerische Hypo- und Vereinsbank AG, to sell its holding in the Russian bank.
The holding represents a 26.4% voting interest in International Moscow Bank and the sale will result in a tax-free capital gain of approximately E200 million, which Nordea said will be recognized in the third quarter.
Nordea also confirmed that it is committed to expanding its presence in the growing Russian market through establishing a fully controlled operation. As a result, the Nordic financial services firm said that it intends to pursue a strategy for growth in the Russian market, either by way of obtaining its own banking license or by acquiring a small to medium-sized Russian bank.