Russia’s CENTRINVEST investment company (Rostov on Don) has bought a 0.81% stake in the MOSCOW INDUSTRIAL BANK (MIB) from the state for R63.6 million. Earlier, the investment company bought that bank’s shares at the market and paid for the state holding at an almost 20% discount. As of January 1, 2006, MIB assets stood at R37.9 billion, 43rd among Russian banks, capital — R3.2b (62nd). According to the bank data, the controlling interest is owned by MIB employees, of which 2.5% belongs to bank president Abubakar Arsamakov.
Source: VEDOMOSTI, March 5, 2007
