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Hansabank seals Russian deal

Hansabank Group has announced the successful completion of the acquisition of the Moscow-based Kvest bank.
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The Estonian-headquartered Baltic banking group, majority owned by FöreningsSparbanken (Swedbank), paid $3.4m for 100% of Kvest bank’s shares.

At the end of February 2005, Kvest bank’s assets were €2.9m with shareholders’ equity of €1.3m.

Hansabank plans to increase Kvest’s equity to €81m shortly after the acquisition.

Hansabank has leasing offices in Moscow, St Petersburg and Kaliningrad, employing 45 people. It plans to open a bank branch in Moscow in April-May and branches in the other two cities later this year.

Swedbank has recently announced an amended offer to the minority shareholders of the Hansabank Group and has so far increased its holding from 59.7% at year-end 2004 to 76.7%.

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