Banks, EU – CIS, Financial Services, Latvia, Russia

As reported, Guselnikov is the largest shareholder in Latvia's Norvik Banka.

"Grigory Guselnikov and the joint-stock company Norvik Banka have completed a deal with Vyatka Bank shares, as a result of which Vyatka Bank is no longer a subsidiary of Norvik Banka," according to Vyatka Bank's statement.

Vyatka Bank President Sergei Tuvalkin explains that work on the transaction began quite a while ago.

"We received the central bank's permission last year already," said Tuvalkin. "We are not part of the Norvik international banking group anymore. You might say that we have been acquired, except no one knew who acquired us. Our "old shareholders" have returned who have always cared for our bank, always put our depositors' interests and rights first, and took care of our employees. We have completely separated Vyatka Bank from the Latvian bank. Financial operations of the two banks were not connected, and now there is also no corporate connection between the two," said Vyatka Bank president.

According to Tuvalkin, Vyatka Bank, with headquarters in Kirov, will now operate independently, "regardless of developments in Europe's banking sector".

"This is partly due to the paradoxical situation where we, a Russian bank, could not buy Sberbank bonds and cooperate with the arms industry companies. Now Vyatka Bank is an independent organization," added Tuvalkin.

As reported, Norvik Banka was the eighth largest bank in Latvia in terms of assets last September, according to the Association of Latvian Commercial Banks' data. Guselnikov owns the controlling interest in Norvik Banka.