20 Feb 2023 19:53

Eurasian Development Bank sells National Reserve Bank

MOSCOW. Feb 20 (Interfax) - The Eurasian Development Bank (EDB) in December 2022 sold 100% of the National Reserve Bank (NRB) to an unrelated party for 3.893 billion rubles and non-cash consideration in the form of a stake in a Russian company, according to the EDB's report to International Financial Reporting Standards (IFRS).

Information on which entity has bought the NRB was not disclosed in the report, and the information is not accessible in the Unified State Registry of Legal Entities (USRLE). The EDB has also not disclosed in which Russian company the bank would receive a stake as part of the deal on selling the NRB.

The EDB in July 2022 bought a stake of 81.32% in the NRB from State Transport Leasing Company (STLC) for 3.39 billion rubles, according to the EDB report. The EDB's stake in the NRB rose from 18.68% to 100% following the purchase.

EDB management considered acquiring a controlling stake in the NRB for further sale within a short time, according to the report. The EDB posted net profit of $7.9 million from discontinued operations following the deal.

The EDB and STLC entered the capital of the NRB in December 2019 by buying shares from the National Reserve Corporation of Alexander Lebedev and partner Yuri Kudimov.