Indeed, the much-anticipated next wave of consolidation in the European banking sector seems to be gathering momentum, and in Russia’s case it’s not all one-way traffic. Russian-owned, Lithuania-based Bankas Snoras has become the first eastern European group to buy a UK bank, following its acquisition of Pointon York Limited on 25 April. Alex Iapichino of Simmons & Simmons, the legal advisers to Bankas Snoras, says: “This is a trend we expect to see more of in the future.”
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