By Douglas Busvine, Reuters
France’s Societe Generale will pay around $100 million to buy DeltaCredit, the leader of Russia’s fledgling home loans market, the seller said on Friday.
Societe Generale is paying around 2.5 times book value for outright control of DeltaCredit, said Patricia Cloherty, chairman and CEO of venture fund Delta Private Equity Partners.
“The price is in the range of $100 million, subject to adjustments and closing,” Cloherty told a news conference, adding she expected final regulatory approval in November.
Societe Generale’s purchase adds to its Russian portfolio, which includes consumer credit house Rusfinance, car loans specialist Promek Bank and Banque Societe Generale Vostok.
For this complete story, please visit Societe Generale to Buy Top Russian Mortgage Bank for $100 mln.
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