Smart-holding and Russia's Bank of Moscow have signed a framework agreement to sign a contract for the sale and purchase of 100% in Kyiv-based BM Bank, which is a subsidiary of Bank of Moscow in Ukraine, according to the Web site of Smart-holding.

According to the report, the agreement is part of the strategy to develop the banking business of Smart-holding in Ukraine and will strengthen the position of each of the banks owned by the holding.

"We have passed through all the stages of negotiations with partners and documented our agreements. The transaction will be formally closed as soon as we receive a permit from the regulatory authorities. But now we have appointed a number of key managers and have the opportunity to deeply study the situation at the bank and influence key decisions," reads a statement, citing Smart-holding CEO Oleksiy Pertin.

The report notes that in February 2013 the indicative terms of the deal were signed: the framework agreement is the next step in implementing the previously voiced intentions.

As reported, Smart-holding in Ukraine previously controlled Unex Bank, and in autumn 2012 completed the acquisition of Bank Forum from Commerzbank.