RIA NOVOSTI. Management company Kapital acquired on behalf of its client a 12.14% interest in KIT Finance Investment Bank, major shareholders of which are Russian Railways and private pension fund Blagosostoyanie, said the lending institution in a statement quoted by RIA Novosti.
“Management company Kapital acted on behalf of its client," the company’s press service reported. The news agency has so far been unable to get comments from KIT Finance.
The date, on which the issuer learned about changes in the block of common shares held by the specified company is April 18. The reason for the change in the equity stake is a purchase (receipt for trust management), the bank said in a statement.
Management company Kapital is a leader in the asset management sector. The company has operated on the trust management market since 1999. The company is part of Kapital Asset Management Group.
KIT Finance was one of the first victims of the financial crisis in Russia. Russian Railways acquired 45% of the bank’s shares in mid-June 2009. Another shareholder that acquired 53.95% of the lender was Transfincapital, a company controlled by private pension fund Blagosostoyanie, which is part of Russian Railways Group. KIT Finance earned Rub 230 mln net profit in 2010. Till the end of 2011 the bank plans to finalize its rehabilitation procedure, and also repay ahead of schedule long-term loans provided by Russian Railways and the Deposit Insurance Agency (DIA) by selling its mortgage portfolio and non-core assets and, thereby, settle its debt to the government in full.
