BELARUS NEWS AND ANALYSIS

DATE:

07/07/2009

Belarusbank may buy Commerzbank's Russian unit

Reuters

MINSK, July 7 - Belarusbank is considering purchasing the Russian unit of Germany's Commerzbank , the head of Belarus's largest bank, Nadezhda Yermakova, said on Tuesday.

Belarusbank expects the price will not exceed $10 million for the unit, which will specialise in servicing Belarussian export operations.

"Commerzbank has unofficially proposed we buy its subsidiary in Moscow," Yermakova told reporters.

Commerzbank declined to comment.

Commerzbank also owns nearly 15 percent of Russia's PromSvyazBank, ranked among the top 30 Russian banks in terms of assets. (Reporting by Andrei Makhovskiy; Writing by Dmitry Sergeyev; Editing by David Holmes)

Source:

http://malaysia.news.yahoo.com/rtrs/20090707/tbs-ba-belarus-commerzbank-7318940.html

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