The Scandinavian NORDEA group’s withdrawal from the capital of INTERNATIONAL MOSCOW BANK (IMB) has not prevented the company from doubling 2006 profits and boosting its assets. In 2006, IMB assets soared by 70% year-on-year to $9.4 billion under international accounting standards. The credit portfolio grew by 96% to $6.2b. Corporate accounts were up 55% to $5.0b. The growth of assets and liabilities was followed by a rise in profits, which more than doubled to $219.6 million, from $105.7m. 2006 has become a crucial year for the bank: IMB has a dominating shareholder. In summer 2006, some sources reported the takeover of 26% of IMB shares by the German BAYERISCHE HYPO-UND VEREINSBANK (HVB), the UNICREDIT GROUP unit, from the Scandinavian NORDEA group. Presently, BANK AUSTRIA CREDITANSTALT, which is also part of UNICREDIT GROUP, holds 95.2% of IMB, with the remaining shares owned by the EBRD.
Source: VEDOMOSTI, April 12, 2007
