East Capital’s banking fund acquires 10% of Russian Bank Severnaya Kazna

The East Capital Explorer Financial Institutions Fund acquires 10% of Russian Bank Severnaya Kazna. The transaction volume is approximately € 28 million. The transaction is pending approval from the Central Bank of Russia.

Bank Severnaya Kazna (www.kazna.ru)
Bank Severnaya Kazna, based in Ekaterinburg, is the market leader in retail banking in the Ural region. The bank has the largest ATM network in the region and also a strong market share in corporate banking.

East Capital (www.eastcapital.com)
Founded in 1997, East Capital is an independent asset manager specialising in Eastern European financial markets. The Company, which is headquartered in Stockholm, with offices in Paris, Tallinn, Moscow, Oslo, Hong Kong, Milan and Vienna, actively manages over € 5.7 billion.

The East Capital Explorer Financial Institutions Fund is a € 500 million private equity fund, which makes equity investments in companies within the financial sector in Eastern Europe.