TASS. Turkish lender Garanti Bank is going to divest its Russian subsidiary – Garanti Bank-Moscow – to Sovcombank for $40.46 mln, the Turkish bank said in a press release.
Specifically, Sovcombank will buy 99.94% of the subsidiary's shares from Garanti Bank itself and a 0.04% interest from Garanti Technology.
The deal is planned to be wrapped up upon receive of all approvals from regulatory authorities.
For the record, Garanti Bank-Moscow was founded in 1995 and is a member of the national deposit insurance system.
The bank's key business focus is banking services for corporate customers. Russian concerns prevail in the clientele, and also leading Turkish companies with the broad scope of Russian operations.
