Swedbank boosts stake in Russian subsidiary to 100% with purchase from EBRD
MOSCOW. May 24 (Interfax) - Swedbank AB has boosted its stake in OJSC Swedbank to 100% from 85% previously.
It acquired the stake from the EBRD, which previously held 15% in the Russian bank, Swedbank said in materials.
Swedbank sold 25 million shares at 100 rubles each in a private placement. Swedbank had the right to purchase the shares attributable to the EBRD if that bank decided against buying the new shares.
The EBRD announced in early February that it would sell its 15% stake to Swedbank AB.
The supplementary placement boosted Swedbank charter capital 50% to 7.538 billion rubles.
Swedbank Group formed the Russian subsidiary from Kvest bank, which it acquired in 2005 and subsequently renamed Hansabank. The name was changed to Swedbank in May 2007 when all banks in the Swedbank Group began operating under a single brand.
Swedbank was the 61st biggest Russian bank by assets according to the Interfax-100 list as of the end of the first quarter of 2010.