Rosbank and banking group Alfa-Bank reached an agreement on sale of shares in Belrosbank.

Belrosbank is a full-service bank founded by Rosbank in 2003. The bank employs 765 people across 29 offices in all regions and major cities of Belarus, and serves more than 100,000 customers. More than 99,99% of shares in Belrosbank belong to JSC Rosbank, which is a part of Société Générale Group.

It is expected that the deal will be completed by the end of 2012, which requires the approval of the regulating authorities.

This is one of the biggest M&A deals in Belarus in 2012, and is expected to double Alfa-Bank’s assets in Belarus upon completion.