Aval said that RZB had already begun performing due diligence and that no price has been agreed on. Analysts estimate the bank is worth $600m and earned a profit of $3.4m in 2004. Local experts believe that Aval’s management will maintain a sizable stake in the bank, but hand over control to RZB.
Aval’s chairman Olexander Derkach had stated earlier this year the bank intends to attract a large foreign investor.
