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Belarusbank to close a deal on purchasing Russian bank by late 2009

Belarusbank plans to complete a deal on purchasing a small Russian bank by the end of 2009, Chairperson of Board of Directors of Belarusbank Nadezhda Yermakova told reporters on July 6. 

The deal is currently being arranged: negotiations are being held, the situation is being analyzed and the financial state of the bank evaluated. The deal may be as large as at least $5 million. 

A reminder, in June Belarusbank Vice Chairman of the Board Gennady Gospodarik said, “We have put efforts into signing a contract with the Russian stock exchange. We cannot work directly there. We need a bank subsidiary that will have the necessary licence”. 

The purchase of the bank is meant to provide support to Belarusian manufacturers that export their products to . “We have examined requirements of Belarusian companies, trading houses that operate in . They need such a bank. In addition, many Russian citizens are interested in entrusting a Belarusian bank with their savings,” said Gennady Gospodarik.

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