VTB receives 85% of Vozrozhdenie Bank shares, closes deal with Bonum Capital
MOSCOW. Oct 3 (Interfax) - VTB has closed a deal with Bonum Capital to acquire 85% of shares in Vozrozhdenie Bank , the state bank reported.
VTB said it will make a mandatory offer to Vozrozhdenie minority shareholders to buy out their common shares within the timeframe set by law. Minority shareholders will be able to tender shares under the offer until January 2019.
The final integration of the banks is expected to be completed in 2020.
VTB's supervisory board approved the purchase of a controlling stake in Vozrozhdenie from Bonum Capital on September 25.
It was reported earlier that VTB could buy up to 14.99% of common shares in Vozrozhdenie under the offer. VTB's board also approved the buyout of up to 9.6% of Vozrozhdenie preferred shares.
Vozrozhdenie Bank was controlled by brothers Alexei and Dmitry Ananyev through Promsvyaz Capital B.V. until December 2017, after which the shareholder structure changed. Companies with Cypriot shareholders held about 90% of shares in the bank.
The Ananyevs put Vozrozhdenie up for sale on orders from the Central Bank of Russia (CBR) at the end of 2017, as their business reputation no longer satisfied the regulator's requirements after the bailout of the brothers' Promsvyazbank (PSB) .
The main suitor for Vozrozhdenie was previously thought to be Bonum Capital, which was founded by Murat Aliyev, a former senior executive at Suleyman Kerimov's Nafta Moskva group.
But in June 2018 VTB head Andrei Kostin said that Bonum Capital was conducting negotiations on behalf of Dmitry Ananyev, who was left with financial companies following an asset split with his brother Alexei. "Ananyev handed all his rights to Bonum. They're acting on his behalf, they're supposed to gather these shares and ensure some mechanism of sale," Kostin said at the time.