Bank Austria Creditanstalt (BA-CA) has finalised the acquisition of a 19.77 percent shareholding of International Moscow Bank (IMB) from VTB Bank (France) for a price of USD395 million. BA-CA will also pay VTB Bank (France) approximately USD20 million for the capital increase subscribed by VTB in IMB earlier in December.
Pursuant to the agreement signed earlier this year by BA-CA and Bayerische Hypo- und Vereinsbank (HVB), BA-CA is also expected to acquire HVB’s 70.26 percent shareholding of IMB. Completion of this transaction is expected by the end of the first quarter of 2007.
Following the acquisition of the shareholdings held by VTB France and HVB, BA-CA will hold 90.03 percent of IMB’s total share capital which corresponds to 95.19 percent of IMB’s voting capital. Besides BA-CA, the only other remaining shareholder is the European Bank for Reconstruction and Development (EBRD).