Novfintekh reduces Gazprombank stake to 3.1% as management option program concludes
MOSCOW. Aug 16 (Interfax) - New Financial Technologies LLC (Novfintekh) altered its stake in Gazprombank for a third time since June 1.
Novfintekh reduced its stake in the bank to 3.09% from 3.87%, Gazprombank said in a statement.
The Gazprombank shares are used in the company's management options program. Gazprombank owns 99.99% of Novfintekh.
"The latest change in the stake is connected with technical deals in the context of concluding the three-year options program," Gazprombank management board members Yekaterina Trofimova told Interfax.
"Before the end of the year, the board of directors' proposal concerning the possible continuation of the options program will be submitted," she said.
Gazprombank completed placement of a supplementary issue of shares in a conversion of a portion of subordinated debt into shares in June 2011. As a result, VEB, which previously had not owned shares in the bank, acquired a 10.19% stake. Gazprom's stake declined to 35.54% from 41.73% and Gasfund's - to 47.38% from 50%. Bank management owns 0.55% of shares outright.
Gazprombank was the 3rd biggest Russian bank by assets as of the end of the first half of 2013 according to the Interfax-100 ranking compiled by the Center for Economic Analysis.
