DNB sells its Russian operations

DNB Bank ASA (“DNB”) has agreed to sell JSC Commercial Bank DNB Bank (“DNB Russia”), comprising all of DNB’s operations in Russia, to Asokerco Trading Limited LLC (beneficiary owner is Mikail Shishkhanov - majority shareholder of B&N Bank (JSC)). 

The terms of the transaction are not disclosed. 

DNB Russia is a regional leader in Murmansk with strong market share in retail and corporate banking.  The sale is in line with DNB’s strategy to focus its operations, optimize the use of capital and increase profitability.  Through this acquisition, B&N Bank will establish a footprint in Murmansk adding to its expanding outreach across the Russian Federation.    

The transaction remains subject to the relevant regulatory approval.

Societe Generale acted as exclusive financial adviser to DNB.  Allen & Overy was the legal adviser to DNB while Norton Rose Fulbright was B&N Bank’s legal adviser.

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