OREANDA-NEWS. July 24, 2014. “Asokerco Trading Limited” LLC (beneficial owner is Mikail Shishkhanov – majority shareholder of B&N Bank (JSC)) got The Central Bank of the Russian Federation approval of acquisition of 100% stake of JSC Commercial Bank DNB Bank (“DNB Russia”) located in Murmansk.

The current owner is DNB Bank – the leading Norwegian financial group. The parties intend to close the deal in the short term.

DNB Russia is an established player. The bank demonstrates sustainable financial performance, high business efficiency and its ability to locally compete with the federal banks in Murmansk region. The bank is profitable and has stable number of business and private customers.

“Purpose of this acquisition is to expand B&N Bank’s regional branch network. It is the best and most efficient way of entering Murmansk regional market which allows us to get loyal clients and sustainable business. DNB Russia is capable of operating in the region through its 7 retail offices to generate strong profits,” earlier said Mikail Shishkhanov.