February 18, 2005
HANSABANK: RUSSIAN CENTRAL BANK APPROVES KVEST BANK ACQUISTION
Hansabank received an approval from the Russian Central Bank for the acquisition of Kvest bank. Hansabank has now received approvals from both, Estonian as well as Russian supervisory authorities. Hansabank expects to close the transaction during the first quarter of 2005.
Hansabank signed the purchase agreement of Kvest bank on 24 September 2004. Kvest bank is focussed on serving corporate customers in the Moscow region. The bank's total assets amounted to EUR 2.2 million and shareholders' equity to EUR 1.3 million on 30 June 2004.
Hansabank Group expanded to the Russian market in 2002. According to the strategy approved in 2004, the Group will operate in the Moscow, St. Petersburg and Kaliningrad regions and focus on serving its Baltic, Scandinavian and Russian corporate clients.
Managing Director, Russian operations
Tel. +7 095 781 2225
Head of Corporate Communications and IR
Tel. +372 6131 569
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