Globex Bank transfers a portion of its stakes in Expert Holding and Expert PA to other VEB structure
MOSCOW. Aug 16 (Interfax) - Globex Bank has reduced its stake CJSC Expert Media Holding from 18.5% to 11.28%, the bank said in its quarterly financial reporting
The bank transferred a portion of its stake in the media holding to a structure in Vnesheconombank, Globex Bank told Interfax. "These are technical transactions. The asset hasn't been removed from the group," a bank spokesperson said.
Valery Fadeyev, the general director of Expert Media Holding, has confirmed that the reduction in Globex's stake in the holding is formal in character. "This isn't a business decision. It is a formal shuffle of share stakes. They have been moved to a profile structure," he told Interfax, declining to specify the structure, which has received the stakes.
At the end of the first quarter of 2012, Globex Bank owned 19.79% of the shares in Expert PA. The bank did not cite the rating agency in its report for the second quarter.
An informed source told Interfax that another Vnesheconombank structure has become a new shareholder in Expert PA. "The actual ownership structure of the company hasn't been changed," he said.
According to the SPARK database, Expert Media Holding was owned equally by the general director and head editor of Expert magazine, Valery Fadeyev, chief editor Tatyana Gurova, and science editor Alexander Privalov (each with 33.3% stakes) on April 19, 2012.
The bank acquired 19.8% in Expert Media Holding's charter capital in September 2009. The bank also purchased 12% in Expert PA in June 2010, later boosting this stake to 19.79% in December of that year.
Globex Bank's president and CEO, Vitaly Vavilin, told Interfax at the end of June 2010 that the bank would not sell its stakes in Expert Media Holding and Expert PA Rating Agency. He added that these investments should be profitable for the bank.
Globex Bank was transferred to the control of Vnesheconombank in mid-October 2008. VEB owns 99.99%.
Globex was 28th 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.
