Russia-based Bank Saint Petersburg is planning to buy 100% stake in Bank Evropeisky of Kaliningrad, Russia.

The deal is part of the bank’s development strategy for the next four years, planned in November 2013 to expand the business.

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The transaction, which has been approved by the bank’s supervisory board, is soon expected to be ratified by the Central Bank of the Russian Federation.

Bank Saint Petersburg management board chairman Alexander Savelyev said their Kaliningrad branch has been successfully carrying out its business for six years.

"We have used this time to explore this region and we now see great opportunities for its economic development. Therefore we chose it as a pilot region where we can test the implementation of our scalable business model," Savelyev added.

"This acquisition will allow Bank Saint Petersburg to use Bank Evropeisky’s branch network and customer base, develop retail business and SME lending and control over 10% of the banking services market in Kaliningrad and the Kaliningrad Region."

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Bank Evropeisky management board chairman Bogdan Yarovoy said the acquisition by such a strong shareholder as Bank Saint Petersburg will provide them not only with greater financial strength, but also with a new impetus for further market share expansion.

"Our customers will get an access to the most advanced banking service technologies provided by Bank Saint Petersburg. At the same time, the bank will retain its key approaches to business strategy, while the senior management team will continue its efficient customer-oriented efforts regardless of the change of ownership," Yarovoy added.