Russian investment giant VTB Capital has purchased a minority share of OAO Rosbank from Interros Holding Co., which is owned by billionaire Vladimir Potanin. VTB Capital has made the investment as a means of taking advantage of the expected growth of the Russian banking sector. The purchased share is equal to approximately 19.3% but will be reduced to 11-12% after Rosbank completes a previously planned share issue.
After the share issue Potanin will control 14% and majority owner Societe Generale will control 72%. Rosbank’s stake had previously been used by Mr. Potanin as collateral on a VTB loan worth some USD 3 billion.
Rosbank (www.rosbank.ru)
Rosbank is a mid-sized Russian bank and the largest privately held bank in the country. It is the number two bank in Russia in terms of total assets. The bank, which focuses mainly on retail and corporate banking services also offers investment banking, asset management, deposit services, and credit card services.
As of the end of Q3 2010, Rosbank operated close to 700 outlets dispersed throughout the country’s 70 different regions. The bank currently has USD 23 billion in total assets. Rosbank employs more than 10,000 and maintains headquarters in Moscow.
VTB Capital (www.vtbcapital.com)
VTB Capital is the investment arm of Russian financial giant VTB Group, managing the group’s private equity investments, commodities activity, and debt & equity market activity. VTB Capital also acts as an advisor to other investors active domestically and in foreign markets.
VTB Capital is based in Moscow and maintains offices in Singapore, Dubai, and London.
15/12/2010
Central & Eastern Europe, Exit, Financial Services, Private Equity News, Russia