VEDOMOSTI. Concerns affiliated with former Globex owner Anatoly Motylev might have bought Mosstroyeconombank (M-Bank), two employees from a Motylev-controlled bank and also a source from the bank itself told business daily Vedomosti.
Motylev already controls three lending institutions (AMB Bank, Rossiyskiy Kredit Bank and Retail Lending Company). He acquired M-Bank together with his partners, the newspaper’s interviewee knows, and a deal was in the final stage in spring. Since April the bank’s board of directors has included Vladimir Egorov who previously worked at other banks owned by Motylev (Globex, rescued by VEB in 2008, and AMB Bank).
Among its co-owners the bank disclosed several individuals, each holding less than 20% of the bank’s shares, and similar stakes were earlier held by other shareholders. An executive from M-Bank’s correspondent banks said Motylev has been aggressively buying banks and maybe this is not his last acquisition. Recently the banker bought private pension fund Renaissance Life & Pension and he probably needs banks just to deal with pension money, said the executive. To comply with all covenants (around Rub 26 bln is under management of the purchased pension fund) several banks are needed, he pointed out, ruling out they could be needed to roll out other projects, e.g. development ones.
