Tsvetkov's 81% stake in Uralsib Bank sold at symbolic price - central banker
MOSCOW. Nov 10 (Interfax) - The 81% stake in Uralsib Bank that belonged to the Russian lender's former principal owner, Nikolai Tsvetkov, was sold to businessman Vladimir Kogan for a symbolic price, Central Bank deputy chairman Mikhail Sukhov told reporters on Tuesday.
"At a symbolic price, of course. Essentially at a symbolic [price], because the market evaluation of the bank's capital is approximately the same - symbolic," Sukhov said.
He said that the Central Bank has for a long time tried to get the former majority shareholder to take measures to strengthen the bank, they implemented them: no less than 20 billion rubles came into the bank's capital over the course of the last year.
"What is meaningful for us is the choice of the most effective monetary proposal, which was implemented in full measure while making a decision about the financial rehabilitation of the bank. From the point of view of writing off capital to the ruble or buying it for several thousands of rubles, this is not the main issue for us," Sukhov said.
The Deposit Insurance Agency (DIA) as part of carrying out measures for the financial rehabilitation of Uralsib Bank, will provide it with funds from the Central Bank in loans for 14 billion rubles for six years and 67 billion rubles for 10 years. Kogan was selected as the investor for preventing the bank's bankruptcy. Kogan bought an 81% stake in the credit organization.