26 Oct 2017 14:06

Gazprom opening account at Rotenberg's SMP Bank

MOSCOW. Oct 26 (Interfax) - Gazprom is opening an account at SMP Bank, of which Arkady and Boris Rotenberg are principal shareholders.

Gazprom has published information on a contract with a sole provider for "the opening by the bank of a (settlement) account to the client and the provision of settlement and cash services." According to purchase documents, this could be a settlement account/accounts in rubles and/or foreign currency. An unlimited number of accounts can be opened under the agreement. Information about the provider and details of the contract have not yet been disclosed.

The head of Gazprom's Department 839 (Treasury) Alexander Dushko, told Interfax that the bank is SMP Bank.

"We haven't opened it yet in fact, but we are working on it," he said.

Gazprom has earlier worked with the SMP Group, but only in international transactions. Gazprom had an account with AS SMP Bank (Latvia) before 2014, company reporting shows.

"Banks are offering quite attractive rates today. If it is economically stable from the perspective of the Central Bank, regulations and our own methodology, we will do this to improve the efficiency of the management of free cash flow," Dushko said.