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Russia's Sovcombank buys Vostochny from U.S. investor Calvey's firm, others

Mar 25, 2021 - Nasdaq
Mergers and Acquisitions

By and Elena Fabrichnaya

MOSCOW, March 25 (Reuters) - Russia's Sovcombank has agreed to buy Vostochny Bank, the small lender that was at the centre of the country's biggest corporate dispute involving foreign investors for more than a decade. Vostochny hit the headlines after U.S. investor Michael Calvey, the founder of private equity group Baring Vostok, was detained along with other fund executives in 2019 after state investigators accused them of embezzlement related to the bank.