Divestments & Acquisitions 2006
Divestments
July
Nordea sells its holding in Finnish leading business and credit information company Asiakastieto. In 2005 the turnover of Asiakastieto totalled EUR 19.8 million. The parties have agreed not to disclose the price of the deal.
June
Nordea divest its minoriy holding (23.42%) in International Moscow Bank (IMB) to Italian bank UniCredit. The shares correspond to a 26.44% voting interiest in IMB. Nordea is actively seeking to build its own presence in the Russian banking market. The sale will result in a tax-free gain of approx. EUR 200m that will be recognised when completion takes place.
Acquisitions
November
Nordea to acquire a majority stake in Orgresbank in Russia. Nordea has signed an agreement to purchase a 75.01 per cent stake in JSB Orgresbank in Russia for USD 313.7 million (EUR 246 million). Subject to finalising documentation, the remaining 24.99 per cent will be split evenly between the current management shareholders of Orgresbank and the European Bank for Reconstruction and Development (EBRD). The newly formed partnership will capture the growth opportunities in the Russian corporate and retail banking segments. It will also strengthen Nordea’s platform for servicing Nordic customers conducting business in Russia, as well as create new opportunities for existing customers and employees of Orgresbank.
