Business news online

Bank acquires 11.75% stake in Promsvyazbank for 4.6 billion rubles

European Bank for Reconstruction and Development (EBRD) intends to acquire a minority stake in Promsvyazbank, the third largest private bank in Russia, amounting to 11,75% of share capital totaling approximately 4.6 billion rubles by subscribing to the ordinary voting shares of additional issue. This was reported in today issued a press release the Bank.

The transaction is subject to approval by the competent state authorities, after which it will be the largest investment in the Bank’s charter capital bank in Russia. Within the project the Bank will be entitled to nominate its representative on the board of directors of Promsvyazbank.

Following the transaction, the total number of shares of the Bank and the German Commerzbank, another minority shareholder simply not be around 27% of the share capital of the latter, thereby blocking package indicated in the release of the Bank.

“The emergence of a new shareholder in the person of the Bank – is a positive development for Promsvyazbank, which once again underlines its strong market position. We are pleased that our fruitful cooperation has created the ground for the EBRD’s participation in the capital of Promsvyazbank, and are confident that the partnership will provide a new level of our bank and additional opportunities for development “, – said President Aleksander Promsvyazbank Levkovsky.

EBRD is a shareholder of 11 Russian banks, and after the completion of the transaction with Promsvyazbank number of partners, the Bank will amount to 12 Russian banks.