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Report: Sovcombank to buy 9.9% stake in Modulbank

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Report: Sovcombank to buy 9.9% stake in Modulbank

intends topurchase a 9.9% stake in Russian lender Modulbank, controlled by businessmanArtem Avetisyan, Kommersant reportedMarch 29.

Bothlenders reportedly confirmed the planned deal. Sovcombank will purchase theshares from Commercial BankUniastrum Bank (LLC), which is also by Avetisyan and has a 24%stake in Modulbank, Kommersant noted,estimating the value of the transaction at around 410 million Russian rubles.

Thisis not the first transaction of this type for Sovcombank. In September 2015,the lender acquired a9.48% stake in JSBRosevrobank, which like Modulbank, for example, also specializes inserving small and medium-sized firms, the news report said.

As of March 28, US$1 wasequivalent to 68.39 Russian rubles.