Gazprombank, the banking arm of Russia’s state oil monopoly Gazprom, said that it expected the deal to be completed early 2006. The deal is intended to increase Gazprombank’s capital before a public share offering in the future.
The deal represents the largest foreign investment in Russia’s banking sector and follows the earlier announcement that Deutsche Bank had bought the remaining 60% in Russian investment bank United Financial Group.
Dresdner is a division of insurance giant Allianz.
