Bank Trust consolidates 100% in developer Inteco

MOSCOW, Oct 27 (PRIME) -- Russia’s Bank Trust, the bank of non-core assets, has raised its stake in real estate developer Inteco to 100%, as seen by PRIME on Tuesday in the materials of the bank.

“The amount and share of votes underlying the voting shares, which comprise the shareholder equity of the company, and over which the issuer obtained a right to use after happening of the corresponding event is 50,040,000 shares, or 100%,” the materials read.

Inteco was founded by Yelena Baturina, the widow of Moscow’s former Mayor Yury Luzhkov. Baturina sold 95% of the company to Mikail Shishkhanov, owner of B&N Bank, in 2011 after dismissal of Luzhkov, while Sberbank Investments bought 5%. In 2017, Rost Bank bought 87.5% in the developer, and the bank was later bailed out through the fund for consolidation of the banking sector and later merged with Bank Trust.

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