Russia & CIS Business and Financial Newswire
December 3, 2007 Monday 10:58 AM MSK

Gazprombank buys 80% of Armeximbank

MOSCOW Dec 3

Gazprombank has purchased 80.09% of Armenian-Russian Export Import
Bank (Armeximbank), the Russian bank said in a press release.

Gazprombank Deputy Chairman Alexander Sobol said last week the deal
was in the final stages.

Gazprombank has already spent $100 million this year to buy
Credituralbank and increased the capitalization of its subsidiaries
Belgazprombank, GPB Ipoteka ($60 million), and Severgazbank
(Vologda).

The Gazprombank acquisitions budget for 2008 is $500 million, he
said.