Bank of Moscow fails to sell Eesti Krediidipank stake to Swiss co

Prime News

Russia’s Bank of Moscow has failed to sell its 43.8% in Estonian bank Eesti Krediidipank to Swiss company RLS Finanse as the buyer had not been cleared by the Estonian regulator, Bank of Moscow’s CEO Mikhail Kuzovlev told reporters Thursday.

“The Swiss company has failed to meet part of the conditions of our contract, it did not receive an approval by Estonia’s regulator, and after that did not pay for this contract,” Kuzovlev said.

In March 2011, the Bank of Moscow’s former President Andrei Borodin sold 27.6% in Eesti Krediidipank, decreasing the stake to 16.22%. The move was claimed illegal by new management of the Russian bank later in 2011 and the 43.79% stake was restored.

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