Russian Land Bank (RLB) said it completed the procedure for placing 1 bln securities with Rub 1.00 par value each. Following the issue, the bank’s charter capital grew from Rub 135 mln to Rub 1,135 mln.
Virtually the whole issue (Rub 999.9 mln) of common registered non-documentary shares was purchased by Elena Baturina. Thus, based on Banki.ru information, her equity stake in the lender jumped from 52.96% to 94.4%. The transaction price, according to the issuer, came to Rub 1.07 bln.
Russian Land Bank is a midsized Moscow-based bank that largely deals with corporate bonds, provides services to Inteco and other assets owned by Elena Baturina, the spouse of Moscow Mayor Yury Luzhkov. As of July 1, 2008 RLB ranked 297th in terms of net assets (Rub 4.57 bln) among Russian banks.
