STANDARD BANK which is getting ready to place Russia’s MEJPROMBANK’s Eurobonds has lifted the veil of secrecy from the ownership structure of the bank which was once one of the most closed Russian banks. It was the first time that STANDARD BANK directly linked the controlling stake to the name of the Russian senator in Tyva, Sergei Pugachev, saying that a blocking stake is owned by bank’s top managers. MEJPROMBANK was founded in 1992 by Sergei Pugachev and Sergei Veremeenko. Information on the bank’s owners was under lock and key. Market participants considered Sergei Pugachev and Sergei Veremeenko to be bank’s owners. In 2004, their ways parted and Veremeenko withdrew his share from the bank. According to the INTERFAX CEA economic analysis centre, as of October 1, 2006, MEJPROMBANK assets stood at R81 billion (21st place). Its own capital was R27b (seventh place) and the pretax profit amounted to R179m. (114th).
Source: VEDOMOSTI, January 31, 2007
