In the runup to Moscow’s VNESHECONOMBANK reorganization, the bank spent R250 million on a blocking stake in Togliatti’s NATIONAL TRADE BANK (NTB), owned by ex-AVTOVAZ head Vladimir Kadannikov. At the start of the year, NTB was 142nd among Russian banks with assets of R8.7 billion and 246th with the capital of R615.8m, according to INTERFAX CEA. Consequently, Kadannikov’s share will fall from 70% to 53%. NTB has serviced the accounts of AVTOVAZ, its dealers and suppliers.
Source: VEDOMOSTI, May 2, 2007
