Expo Capital, the beneficial owner of which is renowned Russian banker Igor Kim, would buy into Moscow-based ImoneyBank. Arrangements of this kind were made by Igor Kim and Sergei Vostrikov, board chairman and majority shareholder at ImoneyBank, Kim’s controlled Expo Capital-affiliated Expobank reported.
It is also specified that after ImoneyBank’s charter capital upsizing, which should be done by the end of 2013, Expo Capital would gain 54.75%. Subsequently (within the next 12 months) this interest would be cut to non-controlling by drawing new partners into the project.
As part of this cooperation Expo Capital will help ImoneyBank in raising funds. As the new partners noted, in late October 2013 ImoneyBank already floated 3-year bonds worth Rub 1.5 bln. The arrangers were VTB Capital and Expobank.
The investor will also help ImoneyBank to solidify corporate governance, said a press release.
“This is a portfolio investment for Expo Capital," the lending institution’s management board chairwoman Inna Shashkova commented on the deal, adding the bank is interested in becoming part of the fast growing bank that operates on the auto lending market. Buying equity stakes in ImoneyBank goes in line with the company’s investment strategy and constitutes a promising investment.
Apart from Expobank and Expo Capital, Igor Kim owns an interest in Orient Express Bank.
