Garanti Bank sells its subsidiary in Russia to Sovcombank
Garanti Bank has recently announced a share purchase agreement signed with Sovcombank to sell its shares at Commercial Bank Garanti Bank Moscow, its subsidiary in Russia, for $40.4 million.
The announcement published on the Public Disclosure Platform (KAP) indicates that shares representing the 99.94 percent of the share capital of Commercial Bank Garanti Bank-Moscow and the shares representing the 0.06 percent of the share capital owned by Garanti Technology will be sold to Russian-headquartered Sovcombank.
The announcement made by Garanti Bank to the KAP is as follows: "The announcement is being made in connection with the sale of 1729 shares representing the 99.94 percent of the share capital of Commercial Bank ‘Garanti Bank-Moscow' AO, a subsidiary of our bank established in Russia, and the sale of 1 share representing the 0.06 percent of the share capital of the same entity owned by Garanti Bilişim Teknolojisi ve Ticaret Anonim Şirketi (Garanti Technology)."
The announcement published on the Public Disclosure Platform (KAP) indicates that shares representing the 99.94 percent of the share capital of Commercial Bank Garanti Bank-Moscow and the shares representing the 0.06 percent of the share capital owned by Garanti Technology will be sold to Russian-headquartered Sovcombank.
The announcement made by Garanti Bank to the KAP is as follows: "The announcement is being made in connection with the sale of 1729 shares representing the 99.94 percent of the share capital of Commercial Bank ‘Garanti Bank-Moscow' AO, a subsidiary of our bank established in Russia, and the sale of 1 share representing the 0.06 percent of the share capital of the same entity owned by Garanti Bilişim Teknolojisi ve Ticaret Anonim Şirketi (Garanti Technology)."