PRIME-TASS. The Federal Agency for State Property Management took a decision to release into private hands a 100% interest in Russian Financial Corporation, a Top 900 Russian bank by assets, by selling the shares at an auction as a single lot, Prime-TASS reported quoting the authority.
In particular, 438,420 shares will be put up for sale, and the initial bid price was set at Rub 488 mln.
Russian Financial Corporation was established in 1993 to fund government investment projects and turned into a bank in 2005. The bank’s sole shareholder is the Federal Agency for State Property Management. Since the bank’s creation the management board has been chaired by former economy minister Andrei Nechaev. The bank specializes in providing services on the securities market.
The Federal Agency for State Property Management also decided to auction off its equity positions in Moscow-based United Reserve Bank (44 shares, the initial bid price is Rub 540.00) and Krasnodar-headquartered Kubanbank (345,030 shares, the initial bid price is Rub 102,000).
