27 Nov 2009 19:14

Burlington Trading reduces stake in Vozrozhdenie Bank to 11.9%, board member increases stake

MOSCOW. Nov 27 (Interfax) - Burlington Trading has reduced its stake in the charter capital of Vozrozhdenie Bank from 19.96% to 11.86% as a member of the bank's board of directors, Otar Margania, boosted his holding from 1.28% to 9.39%, the bank said in its materials.

Burlington Trading now owns 12.51% of the bank's common shares while Margania holds 9.9% of common shares.

The materials said that Margania acquired the shares on the secondary securities market.

The materials also said that individuals own 41.6% in the bank's charter capital while professional investors hold 51.9% (40.7%of which are foreigners). Russian companies and state bodies own 6.3% and 0.2% in the bank, respectively.

The main shareholder in the bank with a 30.7% stake is managing board chairman Dmitry Orlov. Brysam Global Partners, which invests in consumer finances in emerging markets, holds 9.37% in the bank.

Vozrozhdenie Bank was 26th largest bank in Russia by assets at the end of the third quarter according to the Interfax-100, compiled by the Interfax Center for Economic Analysis (CEA).