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Report: Sovcombank eyes VEB units

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Report: Sovcombank eyes VEB units

is interested inacquiring Vnesheconombank units Globex Commercial Bank JSC and Interregional Bank for Settlements of the Telecommunications &Postal Services, Kommersantreported Oct. 11, citing market sources.

Thelender, which recently agreed to buy Türkiye Garanti Bankasi AS' Russian unit, is carryingout due diligence, but it is too early to assess the prospects of a potentialdeal, the newspaper said.

VEBplans to sell Globexand Sviaz-Bank together, but an option to hold on to the latter is also beingconsidered, a source close to the parent told the newspaper. In order toincrease the appeal of the two units, VEB — which might reportedly bestruggling to sellthem — could buy part of their assets at a price close to the market value, Kommersant's sources added.

VEB'spress office said the sale is expected to close in the first half of 2017, but did not namepotential buyers.

Ifnegotiations with Sovcombank are unsuccessful, VEB plans to send sale proposalsregarding the two units to about 90 potential investors, including banks, thenews report noted.