SEB signed an agreement to acquire PetroEnergoBank, a Russian bank based in St. Petersburg.
The acquisition strengthens SEB’s offering in Russia currently including a representative office in Moscow and SEB Russian Leasing in St. Petersburg.
PetroEnergoBank was established in 1995, and its total assets totalled RUR 1,718 million (SEK 468 million) and equity posted at RUR 249 million (SEK 68 million) at the end of September 2005.
“For SEB, the acquisition is a more efficient way of establishing banking operations in Russia compared to setting up a Greenfield operation,” said Mats Kjaer, executive vice president and head of Eastern European Banking in SEB. “The acquisition will enable us to provide services to our customers also in Russia.”
The closing of the transaction is subject to regulatory approval from the Central Bank of the Russian Federation.