East Capital’s Financials Fund has acquired 16.43 percent of Kamchatprombank in Russia for €2.85 million ($4.56 million).
The firm already owns 20 percent of Asian Pacific Bank and 19.95 percent of Kolyma Bank, both located in Russia’s East.
Kamchatprombank is based in the Kamchatka region of Russia and headquartered in Petropavlovsk-Kamchatsky. The bank has assets of around €43.6 million at the end of 2007 and is one of the market leaders in the region’s retail and corporate banking sector. It is part of a banking group run by Petropavlovsk Finance Management Company.
Kestutis Sasnauskas, managing director of East Capital Private Equity and partner in the East Capital Group, said: “We are excited about the opportunity to expand our cooperation with the Far Eastern banks and their majority shareholder Petropavlovsk Finance, and we look forward to working closely with the management and shareholders of Kamchatprombank to develop and grow the bank further.”
East Capital’s plan is to support the group’s regional expansion and consolidation plans, bring experience and make Kamchatprombank more attractive to investors.
East Capital is an independent asset manager specialising in Eastern European financial markets. It manages €4.5 billion and has its headquarters in Stockholm, with offices in Paris, Tallinn, Moscow, Oslo, Hong Kong, Milan and Vienna.