EAST BRIDGE bank (Moscow) managers have made public their intention to sell a blocking stake using a 1.5 coefficient to the bank’s capital for approximately R400 million. A public offer is to be made to nearly 50 non-resident banks. Applications will be received until October 10, with tender results to be announced on November 15. The shareholders hope that their offer will be of interest to at least ten to twelve potential investors. According to the DENGI magazine, EAST BRIDGE ranks 159th in equity (R1.1 billion) among Russian banks. It has R2.3b in assets, and branches in six cities. Individuals, including bank managers are EAST BRIDGE beneficiaries. In 2005, the Central Bank of Russia denied EAST BRIDGE admission to the deposit insurance system.
Source: WWW.KOMMERSANT.RU, September 6, 2006
