Russian Alfa Bank, controlled by billionaire Mikhail Fridman, announced on Monday that its Belarusian subsidiary, Alfa Bank (Belarus), will acquire Belrosbank from Russian Rosbank, controlled by Société Générale. The move followed by failed negotiations with the Belarusian authorities to buy state-owned Belinvestbank.

The transaction is expected to be completed before the end of 2012, Alfa Bank said in a statement, but the bank did not disclose the price of the deal. Read more