MOSCOW, Oct 11 (PRIME) -- Russia’s Sovcombank has bought a 9.16% stake in Rosevrobank, raising its stake to 29%, the bank said in a statement on Wednesday without providing other details.
“It is a financial investment for us in the first place. Over the past incomplete two years, from the moment of the initial purchase of 9.48% in the bank by Sovcombank (in September 2015), Rosevrobank has been consistently profitable and has paid a high dividend income to shareholders,” Sovcombank said quoting CEO Dmitry Gusev as saying.
As of September 1, Rosevrobank was Russia’s 45th largest bank by assets, while Sovcombank was the 18th largest bank.
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