Rosbank signed anagreement tosell a97.35% stake inits Murmansk-based subsidiary Monchebank toNorways Financial Group DnBNOR forU.S. $21 million.

Under the agreement, the Norwegian group will receive all Mochebank’sbusiness, its staff and its branch network infour cities onthe Kola Peninsula.

As ofOctober 1, 2005, Mochebank had acapital of$9.811m and total assets ofabout $72m.

In addition tosound operations inthe Murmansk area, which wewill develop further, the acquisition ofMonchebank will give DnB NOR immediate access tothe Russian banking market, Svein Aaser, DnBNOR group chief executive, said.

Alexander Popov, Rosbanks chairman ofthe board ofdirectors, said that Rosbank decided tosell the subsidiary toavoid duplicating its presence inthe region, where italso has branches and other units.