January 30, 2018 / 3:14 PM / a year ago

EBRD sells 11 percent stake in Rosevrobank to Russia's Sovcombank

The headquarter of the European Bank for Reconstruction and Development (EBRD) is seen in London, Britain, November 22, Britain 2016. REUTERS/Stefan Wermuth

MOSCOW (Reuters) - Russia’s Sovcombank said on Tuesday is has closed the deal to buy an 11 percent stake in Russia’s Rosevrobank from the European Bank for Reconstruction and Development (EBRD).

The EBRD is gradually scaling down its presence in Russia and is to shut five of its seven offices this year, sources at the bank told Reuters in October, following a freeze on lending there since the Ukraine crisis.

Sovcombank is Russia’s 17th biggest bank by assets according to Interfax data while Rosevrobank is ranked as 48th. Following the deal, Sovcombank will hold a 45 percent stake in Rosevrobank.

The EBRD was also in talks over a possible sale of a 15 percent stake in mid-sized Russian bank SDM to Expobank, two sources close to the talks told Reuters earlier this month.

The EBRD lost its 11.75 percent stake in Russia’s Promsvyazbank after the central bank bailed out the bank late last year.

Reporting by Elena Orekhova; Writing by Denis Pinchuk; Editing by Katya Golubkova and Louise Heavens

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