Russia’s Potanin snaps up third finance deal amid Ukraine turmoil

By Mark Trevelyan

LONDON (Reuters) -Russian billionaire Vladimir Potanin’s Interros team said on Monday it experienced acquired United Card Providers, aspect of World-wide Payments Inc, its 3rd offer in a few weeks as it snaps up economical property from prospective buyers exiting the Russian current market.

World wide Payments confirmed it was exiting its Russian enterprise as it introduced its 1st quarter effects on Monday. The price of the deal was not disclosed.

Potanin, 61, is the head of mining huge Norilsk Nickel (Nornickel), which has benefited from higher metals rates in modern months. He is Russia’s 2nd-richest male with a fortune of $17.3 billion, in accordance to Forbes journal.

The billionaire has moved quickly to acquire advantage of alternatives thrown up by hurried asset product sales considering the fact that Russia invaded Ukraine on Feb. 24, triggering sweeping western sanctions and prompting hundreds of worldwide organizations to withdraw.

On April 11, French financial institution Societe Generale reported it would give up Russia and get a 3 billion euro ($3.3 billion) profits strike from advertising its Rosbank device to Interros.

Last week, Interros bought a 35% stake in TCS Group Keeping from the group’s founder, businessman Oleg Tinkov, for an undisclosed sum.

Tinkov advised the New York Times that deal was a “fireplace sale” forced on him by the Kremlin immediately after he condemned what he called Russia’s “mad war” in Ukraine, now nearing the stop of its 10th week.

In a news launch, Interros mentioned the newest deal was aimed at acquiring its banking enterprise, and it would focus on boosting UCS’s companies for small and medium-sized shoppers.

(Reporting by Mark Trevelyan enhancing by John Stonestreet)