EBRD acquires 11% in Roseurobank
MOSCOW. June 9 (Interfax) - The board of directors at European Bank for Reconstruction and Development (EBRD) approved on June 1 the acquisition of an 11% common share packet in Roseurobank, the international financial organization said in its materials.
The EBRD will acquire shares that are part of an additional share issue, as well as purchase share from existing shareholders.
For instance, in January of last year, the Russian bank received $30 million in two loans for lending to micro-businesses. Furthermore, in January-2011, the bank raised a three-year long worth $15 million that was earmarked for boosting loans to small and medium-sized business.
The EBRD earlier partnered with Roseurobank by giving it loan funds for developing its lending program.
Roseurobank was founded in 1994.
Individual shareholders own 84% in the bank's charter capital while the remaining stock is held by German's DEG and Renaissance Investment Management.
Roseurobank was 58th biggest bank in Russia by assets at the and of the first quarter of 2011 according to the Interfax-100, compiled by the Interfax Center for Economic Analysts.