Shinhan to buy Russian bank
By Song Jung-a in Seoul and Catherine Belton in Moscow
Published: May 6 2008 17:58 | Last updated: May 7 2008 04:22
Shinhan Bank, the second largest lender in South Korea, said on Tuesday it had signed a preliminary agreement to buy Financial Standard Commercial Bank of Russia, to gain a foothold in the resource-rich country’s retail banking market.
The deal is the first expansion into Russia by a Korean bank.
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