Reports on Russian news website Banki.ru that Commerzbank is planning to buy Moscow-based Promsvyazbank as an entry into private banking in ...

Reports on Russian news website Banki.ru that Commerzbank is planning to buy Moscow-based Promsvyazbank as an entry into private banking in Russia have been sidestepped by spokesmen at both banks who declined to comment. The report stated that Commerzbank will buy an initial 25 per cent stake in Promsvyazbank, which it will add to, perhaps concluding the takeover next year. Commerzbank chief executive Klaus-Peter Mueller has targeted Russia, Ukraine and Turkey for expansion but has made it clear that it is not prepared to buy into the Russian or Ukrainian markets as long as prices in those countries remained high. Promsvyazbank is one of Russia's 30 largest banks.