Deutsche Bank wants to buy Russia's Impexbank - report

AFX News Limited
06.01.2005, 04:59 AM

FRANKFURT (AFX) - Deutsche Bank AG wants to buy Russia's Impexbank and is now examining its books, Handelsblatt reported, citing financial sources.

It said the process of due diligence could take weeks.

A Deutsche Bank spokesman declined comment, the report said.

The newspaper also said CEO Josef Ackermann reiterated at the AGM two weeks ago Deutsche Bank's interest to expand its Russian business.

The bank currently has a unit in Russia which attends to corporate customers and asset management activities. The unit has a 40 pct stake in the Russian brokerage firm UFG, the report said.

A few months ago, Deutsche Bank failed in its attempt to take over KMB-Bank after Italy's Banca Intesa won the deal.