RENAISSANCE CAPITAL (Moscow) is getting ready to buy newly issued CONVERSBANK shares to retain its 14% share in the bank. The RENAISSANCE FINANCE fund now holds 14% of CONVERSBANK. It paid R335 million to the Russian Federal Property Fund for that stake in
February 2007. Presently, CONVERSBANK owners are unifying the bank and several other affiliated banks into a single bank. The united bank will be based at the Kaliningrad INVESTBANK controlled by CONVERSBANK.
Source: VEDOMOSTI, June 14, 2007
