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Commerzbank closes sale of minority stake in Promsvyazbank

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2012-06-19 16:41

Commerzbank has closed the sale of its minority stake of approximately 14.4 % in Russian Promsvyazbank. The buyer is Promsvyaz Capital B.V., the majority shareholder of Promsvyazbank, said the bank in a press release.rnrnIt was agreed to maintain confidentiality on the details. The regulatory authorities have already approved the transaction. In January 2012 Commerzbank announced its intention to dispose of its shareholding in Promsvyazbank by exercising a put option right previously agreed with Promsvyaz Capital B.V.rnrnThe Russian business activities of Commerzbank remain unaffected by the transaction. The Bank will continue to be a reliable partner in the corporate banking sector to Russian companies having a business relationship to Germany as well as to German companies doing business in Russia. Commerzbank will continue to be represented in Russia through its subsidiary Commerzbank (Eurasija) SAO and Commerzbank’s representative offices in Moscow and Nowosibirsk.

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