Smart-Holding and the Bank of Moscow have signed a framework agreement for the purchase and sale of 100% of shares in BM Bank JSC which is a subsidiary of the Bank of Moscow.
This agreement is a part to the banking business development strategy of Smart-Holding in Ukraine and is going to strengthen the position of each bank owned by the holding company.
BM Bank LLC was registered in December 2005. In February 2006, the Bank received an NBU License to carry out banking business in the territory of Ukraine. In August 2008, BM Bank LLC was reorganized into BM Bank OJSC. The Bank changed its name officially to BM Bank JSC in May 2010.
Alexey Pertin, the CEO of Smart-Holding, said: 'We have completed all the stages of negotiations with our partners and have documented our agreements. We will close the deal formally as soon as we have received a permit from the regulatory authorities. However, we have appointed a number of key managers and have a possibility to study the bank's situation in depth and make an impact on the key decisions.'
Alexander Yastrib, First Executive Vice President and Deputy Chairman of the Management Board at the Bank of Moscow, said: 'In February 2013, we signed the indicative terms for the purchase and sale of the Ukrainian subsidiary of the Bank of Moscow. This framework agreement marks the next stage of our previously declared intentions.'