Stockholm-based banking group Nordea has completed the acquisition of a 75.01% stake in Russia's JSB Orgresbank, after receiving the green light from all regulatory approvals.
The planned acquisition was first announced in November 2006, whereby the Swedish firm agreed to purchase a majority stake in Orgresbank for $313.7 million, while the remaining 24.99% stake would be split between the current management shareholders of the Russian finance group and the European Bank for reconstruction and development.
The transaction will strengthen Nordea’s platform for servicing Nordic customers conducting business in Russia, as well as create new opportunities for existing customers and employees of Orgresbank.
Since the signing of the agreement, Orgresbank has established an international division within the corporate banking sector, in order to support the business of Nordea’s customers and other international corporations in Russia.