Shareholders of Russia’s Promsvyazbank PJSC agreed to buy a “strategic” controlling stake in Bank Vozrozhdenie PJSC.
The acquisition will be “long-term” for Promsvyazcapital BV, which is controlled by the Ananyev brothers, the company said in an e-mailed statement, without disclosing the value or size of the stake.
The deal, which requires central bank approval, comes after Promsvyazbank announced the takeover of mid-size regional lender Pervobank PJSC in July. The transaction announced on Monday doesn’t mean the two lenders will merge, and Promsvyazcapital may have acquired the stock for a client, according to Olga Naydenova, a banking analyst at BCS Financial Group.
Promsvyazbank is Russia’s 11th largest lender with assets of 1.1 trillion rubles ($17 billion) in July, according to the banki.ru website, which compiles its ranking based on central bank data. Vozrozhdenie, which is focused on business in Moscow and that region, ranks 41st.
The acquisition won’t hinder negotiations, announced in May, for Vozrozhdenie to merge with Absolut Bank PJSC, Promsvyazcapital said in the statement. Promsvyazcapital “guarantees it will respect the interests of minority shareholders” in Vozrozhdenie, the company said in the statement.
Vozrozhdenie shares climbed 1.5 percent to 539 rubles as of 5:55 p.m. in Moscow, their first advance in eight days. Promsvyazbank declined 0.9 percent.