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SLB Commercial Bank AG, Zurich
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Bank Profile
SLB Commercial Bank AG (formerly Eurasco Bank Ltd) is headquartered in Zurich and has a representative office in Moscow.
The Bank acts as LUKOIL’s internal bank providing services in the areas of international funds settlements, correspondent banking, loans, trade finance, documentary business, cash management and defined treasury products to LUKOIL subsidiaries outside Russia.
News
The purchase of 99.145% of shares in SLB Commercial Bank AG (Switzerland) by Sberbank of Russia completed
Sberbank of Russia completed today the purchase of 99.145% of shares in SLB Commercial Bank AG (hereinafter “SLB”) from LUKOIL (hereinafter the “Transaction”) group of companies. The transaction is accomplished as a part of implementation of Sberbank’s international strategy and targeted at providing of access of the current and prospective clients of Sberbank to its international products and services.
Acquisition price of 99.145% shares amounted to CHF 75,350,200.0. Amount of transaction may be adjusted later on results of preparation of financial statements by SLB as on the date of the Deal.
Sberbank plans to use SLB, which will subsequently change its name
to Sberbank (Switzerland) AG, as a basis
for development of syndicated lending and trade finance business in
Europe, and also a range of other products for top corporate clients.
Sberbank (Switzerland) AG will work primarily with foreign subsidiaries
of the top Russian clients of Sberbank, and will participate in funding
of international holdings of Russian companies.
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Purchase of 99% of shares in SLB Commercial Bank AG (Switzerland) by
Sberbank of Russia completed
Source: Sberbank, 23 December 2011