JPMorgan Chase & Company has acquired a 2% stake in the Bank of Moscow, Russia's fourth largest bank by assets.
JPMorgan, the third-biggest US bank, said in a statement that the purchase of Bank of Moscow stock was a financial investment in Russia’s growing economy. It followed a recent capital increase by Bank of Moscow registered by the Russian central bank. Financial details were not disclosed.
According to Reuters, Bank of Moscow raised RUB2.9 billion ($108.6 million) by offering 5.6 million new shares at RUB519 each, while existing shareholders acquired 13.5% of the offering.
The Moscow Government and its related entities own a 59.96% share in the Bank of Moscow which established in 1995
The purchase by JPMorgan is the latest acquisition in the rapidly growing Russian market, where several major banks have recently invested.
According to reports from MarketWatch, Raiffeisen International recently bought out Impexbank for $550 million; Societe Generale bought 10% of Rosbank for $317 million and UniCredit now owns almost 80% in International Moscow Bank.