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Russian financial group Uralsib divests asset management unit

JSC Financial Corporation Uralsib agreed to sell its unit Uralsib Asset Management to BCS Financial Group.

The companies also signed a strategic partnership agreement regarding the sale of investment products and services, BCS said Sept. 25.

The financial details of the transaction were not disclosed, although one of sources cited by Russian newspaper Kommersant said BCS is set to pay between 1 billion Russian rubles and 1.5 billion rubles for the asset manager.

More M&A deals are expected to emerge in the Russian asset management segment, with the consolidation driven by increasing costs and the lack of market growth, Kommersant said.

As of Sept. 26, US$1 was equivalent to 63.86 Russian rubles.