Russian govt hopes to sell 9.2% of EuroTrust Bank for 78 mln rubles
MOSCOW. July 30 (Interfax) - Russia's Federal Property Agency plans to sell its 9.18% stake in European Trust Bank (EuroTrust Bank) through shareholders exercising preemptive rights, the agency said in its official bulletin.
The agency wants to sell 99,900 shares with par value of 1,000 rubles, the equivalent of a 9.18% equity stake in the bank, for 78.171 million rubles.
Shareholders will have ten days to exercise preemptive rights from the date the bank receives the notification of the share sale. Bids are to be reviewed on September 13.
The bank had equity of 1.6 billion rubles at the end of the first half of 2013, according to the Interfax-100 ranking of Russia's banks. The Property Agency is therefore valuing the bank at 851.5 million rubles, or 0.53 of equity.
Information posted on the bank's website shows that the Property Agency owns 9.18% of the lender. Beneficiaries also include a number of individuals, including EuroTrust president Andrei Krysin; the Olympic Committee of Russia owns 1.309% of shares and Khrunichev Aviatekhnika holds 1.22%.
EuroTrust Bank is Russia's 166th largest lender by assets, according to the Interfax-100 ranking.
