Shareholders of Russian lender Promsvyazbank have agreed to purchase a controlling stake in Bank Vozrozhdenie.
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The company’s move is a result of the local lenders expanding their businesses amid an economic contraction.
Promsvyazbank said that the acquisition will be "strategic, core and long-term" for the company, though the value or size of the stake has not been disclosed yet.
The company said that it will guarantee the interests of minority shareholders in Vozrozhdenie following the acquisition.
It also added that the deal will not affect merger negotiations between Vozrozhdenie and Absolut Bank, which was announced in May.
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