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Report: Credit Europe Bank probes market for potential buyers

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Report: Credit Europe Bank probes market for potential buyers

completed the collection of bids from investors interested in purchasing thelender and will select a new owner in a tender, Vedomosti reported April 4, adding that PJSC Sovcombank and Commercial Bank Uniastrum Bank LLC are among potentialbuyers.

MorganStanley is acting as a consultant on the sale process, and the new owner of thebank could be known at the end of May, the report said. Thelender's current shareholders could consider selling some of its assets if theyfail to reach an agreement on a sale of the entire bank.

Asource from a bank that reportedly received an invitation to participate in thetender said Credit Europe Bank's shareholders have high expectations regardingthe price, which do not correlate with conditions on the Russian bankingmarket.

Rumorsabout the potential sale of the lender by its Turkish owner, , emerged following thedeterioration of relations between Turkey and Russia and the difficult economicsituation in the latter country. Fiba founder Husnu Ozyegin in February that the company wasnot planning to sell the lender.