Bank of Moscow continues to consolidate assets
MOSCOW. June 29 (Interfax) - Bank of Moscow has acquired indirect control over various assets in different industries, including agriculture companies and film production and distribution companies, a bank press release says.
The bank obtained indirect control over LLC Buturlinovka-Agro (Voronezh region), LLC Dankov-Agro (Lipetsk region), LLC Dobrinka-Agro (Lipetsk region), LLC Dolgorukovo-Agro (Lipetsk region), LLC LT-Agro (Lipetsk region), LLC Im. K. Marx (Ryazan region), LLC Tanais (Volgograd region) and LLC Dolgorukovo-Moloko (Lipetsk region).
It has also obtained control over LLC Cinema Invest Pokaz (Moscow) LLC Cinema Invest (Orenburg), LLC Cinema Invest Izhevsk (Izhevsk), LLC Cinema Invest Kazan (Kazan), LLC Kino Sfera (Moscow), LLC Eurasia (Yekaterinburg), LLC KinoCiti Prokat (St. Petersburg), LLC Cinema Invest Bar (St. Petersburg), LLC Bar Cineman Invest Kazan, LLC KinoPit (Moscow) and LLC Cinema Invest Ukraine (Kyiv).
Bank of Moscow also has indirect control over Moscow companies LLC OrgSportServices, CJSC Dominanta, CJSC Environment and Energy and LLC Evropa-Motors.
"Bank of Moscow is in the process of consolidating assets that it previously owned or that it has acquired. All these companies are such assets," the Bank of Moscow press service told Interfax, adding that the consolidation process had not yet been finalized.
In the mid-term, Bank of Moscow will sell its non-core assets.
It was reported earlier that the portfolio of loans allocated by the investment asset department under the previous Bank of Moscow management was 282.5 billion rubles. Of that amount, around 150 billion rubles was in loans to companies that carried out virtually no operations and were associated with the bank's former management (52 offshore companies, 88 Russian companies in the form of limited liability companies). In addition, about 130 billion rubles of the debt was owed by real companies (Investlesprom, Moscow Inter-republican Winery, Terra-Invest and others).
VTB Group owns 94.87% of Bank of Moscow shares and Plenium Invest Ltd., which according to unofficial information is controlled by former Bank of Moscow president Andrei Borodin, owns 2.99%. The consolidated share held by other shareholders with under 1% of shares is 2.14%.
Bank of Moscow was ranked number 6 by asset value in the Interfax-100 review of Russia's banks for the first quarter of 2012.