19 Apr 2010 15:43

Finam Holding and its manager purchase 66.6% stake in Binbank

MOSCOW. April 19 (Interfax) - Investment Holding Finam and the general director of Finam Management, Alexei Garyunov, are jointly acquiring 66.6% in Binbank's management company, Finam said on Monday.

Garyunov is acquiring 33.3% in Binbank while the Finam Holding will purchase the same amount in the bank. Binbank will retain 33.3% of its own shares.

The value of the transaction has yet to be made public. However, the company said that it was based on market value.

Binbank and Finam plan to create a major financial business through the management company, which will focus on direct investment and work with institutional investors. The National Pension Fund is one of the possible clients for the new project.

Binbank's management company will be rebranded and create a new development strategy.

Alexei Garyunov will head the new company. The current general director at the management company, Aybeniz Gadzhieva, will become executive director and represent the interests of Binbank.

Total fund managed by the Binbank subsidiary came to 4.7 billion rubles at the end of March 2010. For instance, these are assets in three closed mutual funds (the value of net assets in these funds top 3 billion rubles) and five open mutual funds (including three sector-focused index funds) and the National Pension Fund reserves, as well as the pension saving from the Russian Pension Fund.

In addition, the management company will receive two closed-end investment funds formed in the framework of Finam Management: the Finam Information Technologies fund and Finam Capital Investment interest fund. The first fund specializes in investing in High-Teach projects and owns stakes in companies such as Mamba, Badoo.Ltd, MoneyMail and Ashmanov and Partners. The value of net assets in this fund came to over 2.7 billion rubles as of March 31, 2010.

Finam Capital Investment Fund focuses primarily on purchasing agricultural land in southern Russia such as the Rostov region and the Krasnodar Territory for subsequent leasing and resale. The value of these assets topped 558 million rubles as of March 31, 2010.