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December 11, 2007

Israeli Bank Hapoalim to acquire SDM

by Richard Kilner

Story link: Israeli Bank Hapoalim to acquire SDM

Yesterday Bank Hapoalim declared that it had signed a memorandum of understanding to acquire the Russian bank SDM, which is valued at approximately $155m.

A minimum of 75% of the firm’s shares are intended to be bought by Hapoalim from SDM’s chairman, Anatoli Landesman.

SDM was founded in 1991, and is based in Moscow. Its assets total $500m and it has equity of $50m (as of the end of the third quarter this year).

Russia’s recent rapid economic expansion has proved a strong incentive for foreign investment. The increased number of investors has acted to fuel prices, which has permitted Russian banks to show returns higher than those of Western countries.

SDM has thirty minor branches, and larger ones that operate from eight of Russia’s biggest cities. The bank manages over 100,000 accounts, of which roughly 12,500 are business and 97,000 are private. It offers a range of banking services, such as credit cards, private and business credit lines and investment services.

In Singapore, in November, Hapoalim became the first Israeli bank to open a branch in the Far East. Hapoalim has also shown an interest in a Ukrainian bank, and its longterm planning indicates it wishes to conduct approximately a third of all its business on the international stage.

 

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