OREANDA-NEWS. August 07, 2014. “Asokerco Trading Limited” LLC (an entity affiliated with B&N Bank (JSC) whose beneficial owner being Mikail Shishkhanov) has become the owner of  JSC Commercial Bank DNB Bank (“DNB Russia”) located in Murmansk after fulfilling all conditions and regulatory approvals for the consummation of the transaction. 

Previously, DNB Russia was a fully owned subsidiary of DNB Bank ASA (“DNB”), the leading Norwegian financial group.  The terms of the transaction are not disclosed.

In April 2014, the parties mutually announced the agreement to pursue this transaction.  The purpose of this acquisition is to expand B&N Bank’s retail business and presence in the Murmansk region. 

DNB Russia is an established player in the Murmansk banking market.  After the announcement of the transaction, the bank has demonstrated sustainable financial performance, high business efficiency and its ability to continue competing with the federal banks in the Murmansk region.  The bank is profitable and has a stable corporate and retail client base.

Societe Generale acted as exclusive financial adviser to DNB.  Allen & Overy was the legal adviser to DNB while Norton Rose was B&N’s legal adviser.