Russian antitrust allows B&N Bank owners to buy 75% in MDM Bank

MOSCOW, Aug 13 (PRIME) -- Russia’s Federal Antimonopoly Service has approved a purchase by Cyprus-based Darrington Enterprises Limited, a company controlled by owners of B&N Bank Mikail Shishkhanov and Mikhail Gutseriyev, of 75.405% of voting shares in MDM Bank, the service said in a statement on Thursday.

After buying a 58.33% stake from MDM Bank’s core owner Sergei Popov, the buyers are now also thinking of buying the bank’s shares from minority shareholders. “I think, that this purchase (of the 75.405% stake) includes stakes of minority shareholders,” he said.

B&N shareholders Shishkhanov and Gutseriyev signed an agreement to buy 58.33% of MDM Bank’s shares from Popov in June. The deal is likely to be closed by October. Under the deal, 100% shares of MDM Bank were valued as one capital of the bank. Operating integration of the two banks will take two to three years.

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