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Report: Russian ex-minister eyes Norvik Banka's local unit

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Report: Russian ex-minister eyes Norvik Banka's local unit

A group of private investors, including Russia's former Economic Development Minister Andrey Nechaev, is interested in acquiring PJSC Norvik Bank from Latvia-based JSC Norvik Banka, Kommersant reported Oct. 10, citing Nechaev himself.

The investors offered to pay the equivalent of the lender's capital, which as of Sept. 1 amounted to 2.4 billion Russian rubles, Nechaev reportedly said.

Norvik's beneficiary shareholder, Grigory Guselnikov, denied plans to sell the Russian unit, but added that Nechaev was nominated to join Norvik Bank's board of directors.

Earlier in 2017, Nechaev was interested in acquiring a stake in PJSC Asian-Pacific Bank, but later withdrew from the potential deal, Kommersant noted.

As of Oct. 9, US$1 was equivalent to 58.46 Russian rubles.