DIA declares auction for 24% stake in Otkritie Bank invalid because of no applications
MOSCOW. Aug 16 (Interfax) - Russia's Deposit Insurance Agency (DIA) has declared an open auction for the sale of 24.17% in Otkritie Bank invalid owing to a lack of applications, the DIA said.
It was earlier reported that 1.562 million shares in the bank at a face value of one ruble each were put up for sale. The starting (minimum) price for shares came to 7.45 billion rubles. Based on this price, the entire bank can be valued at a minimum of 35.2 billion rubles.
The DIA received a share stake in the bank during its financial bailout process.
For instance, if the DIA does not find a buyer for the stake at open tenders, the stake should be purchased through an auction by the main owner in Otkritie Bank, Otkritie Financial Corporation, the deputy head of the DIA, Valery Miroshnikov, said at the start of June. The offer comes into effect at the end of September, he said.
In addition to the stake in Otkritie Bank, the agency plans to sell its interest in Soyuz Bank this year, Miroshnikov said.
Otkritie Finance Corporation owns 35.76% in the bank. Otkritie Management Company owns 25.77% while the IFC holds 14.3%.
Otkritie Bank was 34th biggest bank by assets in Russia for the first half of 2012 according to the Interfax-100 ranking, compiled by the Interfax Center for Economic Analysis.
