Gazprombank transfers 43% of Credit Ural Bank to another subsidiary
MOSCOW. Aug 1 (Interfax) - Gazprombank has slashed its stake in Credit Ural Bank from 100% to 57.3%, the bank reported.
This was an intragroup transaction carried out in order to "optimize the shareholder capital structure" at Credit Ural Bank, Gazprombank's press service told Interfax.
"The bank isn't planning to withdraw from Credit Ural Bank's capital," the press service spokesman said.
Meanwhile, another Gazprombank subsidiary - the company New Financial Technologies, or NovFinTech, which is 99.99% owned by Gazprombank - has acquired 42.7% of Credit Ural Bank's shares.
Gazprombank was Russia's third largest bank by assets at the end of H1 2013, according to the Interfax-100 ranking.
Credit Ural Bank, which has been part of the Gazprombank group since 2008, is a sizable bank in Magnitogorsk. It was the second largest of the region's independent banks by assets and capital at the beginning of this year. The bank is over 50% private deposits and 60% balances in corporate accounts. According to Interfax's ranking, Credit Ural Bank was Russia's 145th largest bank by assets at the end of H1 2013.
