Russia's Federal Antimonopoly Service permitted Credit Bank of Moscow to acquire a 100% equity stake in EDALI LLC, the regulatory body informed.
The transaction applied for is unlikely to restrict competition, which is why it has been approved, the competition authority commented.
EDALI LLC (Moscow) is principally engaged in the leasing of own real estate.
Credit Bank of Moscow (OJSC) (tax number: 7734202860) established 1992 is beneficially owned by its president Roman Avdeev, the founder of Rossium concern. Today, CBM is a universal financial institution providing the whole range of banking services.
RAS net profit of CBM for 2013 grew by 18.5% to RUB 6.118 billion from RUB 5.567 billion in 2012. The bank's assets as of January 1, 2014 totaled RUB 447.4 billion increasing by 44.3% year-on-year.
RAS net profit of Credit Bank of Moscow for Q1 2014 increased more than twice to RUB 3.411 billion. The bank's assets as of April 1, 2014 amounted to RUB 454.2 billion.
IFRS net profit of Credit Bank of Moscow for Q1 2014 grew by 10.2% to RUB 1.922 billion ($53.9 million).