Alfa-Bank has grabbed 88.9% of Baltiyskiy Bank's shares, the bank said in a press release on May 5.
Thus, Alfa-Bank got the right to use over 50% of votes at Baltiyskiy Bank's governing body, and also the right to appoint (elect) more than 50% of the lending institution's collegial governing body.
Last August the Bank of Russia announced the rehabilitation of Baltiyskiy Bank with aid of Alfa-Bank. The Deposit Insurance Agency (DIA) initiated the rehabilitation procedure after inspecting the financial institution in 2014. The bank's rehabilitation was preceded by a conflict between its primary owners, namely the bank's president Oleg Shigaev and Andrei Isaev, the founder of the Petersburg Real Estate Agency, who failed to reach an agreement on the sale of Baltiyskiy Bank.
