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Santander Retreats From Moscow

Mon 13th Dec 2010

The Eurozone's largest Bank - Banco Santander - has pulled away from the Russian market after the sale of its 100% stake in local subsidiary Consumer Bank to Orient Express Bank.

Orient Express, from the Amur region, reported that it has now acquired all of the shares held by Santander's Consumer Bank subsidiary, based in Moscow.

Only last month Russia's leading private equity company, Baring Vostok, revealed that they had plans to acquire a one-third stake in the Orient Express Bank.

To date Spanish Banks and Investment companies have been hesitant with regards to commiting capital to the former Soviet Union.

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