Mikhail Fridman, the chairman of the ALFA GROUP consortium board of directors, has stated that ALFA GROUP holds over 75% of ALFA BANK shares. The group is controlled by three individuals, including Fridman. The remaining 25% is held by individuals. ALFA BANK president Pyotr Aven confirmed that he holds a 14% stake in the bank, which has a total of four minority shareholders. All of the shareholders are former and current bank employees. Fridman added that, if estimated in terms of Ukrainian bank value, ALFA BANK is worth at least $3.5 billion. Neither Fridman nor Aven offered any other details about the ALFA BANK ownership structure. In November 2005, the ALFA BANK HOLDING FINANCIAL
LIMITED company, which controls ALFA BANK, started to lift the veil off company ownership — Fridman,
Source: VEDOMOSTI, February 22, 2006
