10/26/2010

Top Turkish lender Isbank buys Russian bank

Reuters - Isbank, Turkey's largest listed lender, is finalizing a deal to purchase a small Russian commercial bank, Sofia, the daily Kommersant reported on Monday, citing unnamed sources in the banking sector. The price of the deal hovers at around USD 40 million, 1.5 times the bank's capital, which, as of September 1, stood at RUB 803 million (USD 26.30 million), according to the newspaper. The deal would be the first acquisition by a strategic investor of a Russian bank since the 2008-2009 financial crisis.
turkey; isbank; russian bank; sofia; acquisition; financial services