CapMan has acquired a stake of approximately 20% in Russian bank Evropeiskij for an undisclosed sum.

The investment was made from its CapMan Russia fund.

CapMan believes that the Russian banking sector is very fragmented at the moment and Bank Evropeiskij has a strong brand and customer base in the Kaliningrad region. The investment will help the bank to strengthen its lending operations, improve lending terms and offer new banking products in the Kaliningrad region.

Company
Founded in 1991, Bank Evropeiskij provides corporate and retail banking services in the Kaliningrad region, the Russian enclave located on the Baltic between Poland and Lithuania. In January 2010, the bank had a book value of approximately €15.6m and total assets of approximately €145m. It currently employs 226 people.

People
Hans Christian Dall Nygård is a senior partner and head of CapMan Russia Investment Operations. Bogdan Yarovoy is the CEO of Bank Evropeiskij.