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Business news, 05.05.2006 11:49

Finland's Sampo buys St Petersburg-based Profibank

sampo_bank Finnish bancassurer Sampo said in a statement Friday its fully-owned subsidiary Sampo Bank had signed an agreement to buy St Petersburg-based Profibank.

The statement did not mention the value of the deal, but added that Profibank's total assets amounted to 41 roubles, or 1.2 million euros.

"After having built up and strengthened the current operations of Profibank, Sampo Bank intends to offer retail banking services starting in the St Petersburg region. Corporate services will be focused on Finnish and Nordic customers of Sampo that are operating in Russia," Sampo said in the statement.

The deal is subject to relevant regulatory approvals

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