Promsvyazcapital buys Russia’s Vozrozhdenie Bk core owner’s stake

MOSCOW, Sep 9 (PRIME) -- Promsvyazcapital B.V., a majority shareholder of Russia’s Promsvyazbank, has bought a stake in Vozrozhdenie Bank from the latter’s core owner Tatyana Orlova and will receive operating control over the bank on Thursday, Promsvyazbank said in a statement on Wednesday without disclosing other details of the deal.

Promsvyazbank’s Management Board Chairman Konstantin Basmanov will head Vozrozhdenie Bank. Its listing at the Moscow Exchange will be kept with respect to rights of minority shareholders, and Promsvyazcapital B.V. will make a mandatory offer. Vozrozhdenie Bank will soon return to discussion of a possible merger with Absolut Bank, the bank said.

On August 31, business daily Kommersant reported quoting Orlova that Promsvyazcapital was in a final stage of talks to buy 34% in Vozrozhdenie Bank, including a 26.8% voting stake owned directly by Orlova and a 7.1% stake purchased by an Alexei Krapivin that should be added to the amount because the shares were bought on agreement with her. Promsvyazcapital had already acquired a close to 50% stake in the bank back then, Kommersant reported.

The Federal Antimonopoly Service has recently allowed the company to buy 75% in the bank, but the central bank has not officially approved the acquisition yet.

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