Norway-based DNB Bank has reached an agreement to divest its JSC Commercial Bank DNB Bank including all of its operations in Russia to Asokerco Trading, for an undisclosed sum.

Asokerco Trading is owned by majority shareholder in B&N Bank JSC, Mikail Shishkhanov, according to DNB.

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The proposed disposal is a part of its strategy to streamline operations, boost profit and strengthen balance sheet to meet the strict capital reserves.

Following completion of this transaction, B&N Bank will establish a footprint in Murmansk adding to its expansion across the Russian Federation.

The transaction is subject to relevant regulatory approval.

Societe Generale served as exclusive financial adviser to DNB, while Allen & Overy acted as the legal adviser to DNB. Norton Rose Fulbright worked as B&N Bank’s legal adviser.

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