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Sberbank Acquired a Swiss Bank for $ 80.5 mln
26.12.2011 09:56
Sberbank Acquired a Swiss Bank for $ 80.5 mln

Sberbank of Russia acquired Swiss bank SLB Commercial Bank AG from LUKOIL group of companies for about $ 80.5 mln.

Sberbank of Russia completed on Fariday the purchase of 99.145% of shares in Swiss bank SLB Commercial Bank AG from LUKOIL group of companies. Acquisition price of 99.145% shares amounted to CHF 75,350,200 (about $ 80.5 mln).

Sberbank plans to use SLB, which will subsequently change its name to Sberbank (Switzerland) AG, as a basis for development of syndicated lending and trade finance business in Europe, and also a range of other products for top corporate clients. Sberbank (Switzerland) AG will work primarily with foreign subsidiaries of the top Russian clients of Sberbank, and will participate in funding of international holdings of Russian companies.

Another Russian structure, which has a bank in Switzerland, is Gazprom with Gazprombank Switzerland.

Author: Irina Fomina

Tags: Sberbank LUKOIL    

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