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Evrofinance and Mosnarbank negotiating merger

According to recent reports, EVROFINANCE and MOSNARBANK are negotiating a merger. Analysts believe that the forthcoming alliance will most likely result in MOSNARBANK's incorporation by the larger EVROFINANCE. MOSNARBANK and EVROFINANCE have been founded by two Russian banks abroad (Central Bank subsidiaries) and specialised in servicing export-import operations.

VNESHECONOMBANK currently has a nearly 20% stake in EVROFINANCE, TROIKA DIALOG is a nominal holder of about the same amount of EVROFINANCE shares, VNESHTORGBANK controls nearly 10% of shares and the Vilyui GES-3 hydro power plant, controlled by ALROSA, has over 12% of shares. BCEN-EUROBANK, according to the newspaper, bought a 9.95% stake in EVROFINANCE. The London-based MOSCOW NARODNY BANK controls nearly the entire MOSNARBANK stock.

(NewsBase 16.vii.02)

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