KIEV, May 31 – Germany's Commerzbank Group is reported to be in talks with Vadim Novinsky on the sale of its subsidiary, Kiev-based Forum Bank.

"Commerzbank Group is holding talks on the sale of its Ukrainian subsidiary with businessman Novinsky. Smart Holding, which belongs to the businessman, has conducted a preliminary audit and is now preparing to make an offer to the German group," the Ekonomicheskie Izvestiya (Economic News) newspaper reported, referring to its own sources.

The publication said that the project was presented to Novinsky as "an acquisition of the bank at the bottom, with prospects for an increase in its value in the future."