Russian SovComBank announced that its majority shareholder Sovco Capital Partners and some key managers have cut their stakes in the capital in favour of “institutional and retail investors”.
This has cut the share of Sovco Capital Partners and other shareholders holding 5% or more of the bank's shares to less than 90%, while the freefloat was increased from 5% to 10%.
As followed by bne IntelliNews, the bank is in focus as it prepares to take over the Home Credit Finance Bank (HCF), following the first banking IPO since 2015.
SovComBank was one of the first banks to come under full blocking sanctions upon Russia’s full-scale military invasion of Ukraine. But the bank was also the first to recently extract sanctioned assets under a regulatory loophole provided by the Central Bank of Russia (CBR).
In 2023 Sovcombank held an IPO that was not only the first IPO of a Russian bank under full blocking sanctions, but also the first banking IPO since 2015. As followed by bne IntelliNews, an IPO of the bank has been on the agenda since 2012, but has been constantly delayed by takeover deals, the 2014 Crimea annexation crisis and the 2020 pandemic.
Related Articles
Ukraine faces a difficult choice over US peace deal talks: lose its dignity or lose a partner
Ukrainian President Volodymyr Zelenskiy recorded a video address to the nation saying Kyiv faces a difficult choice: the country could lose its dignity by accepting the plan, or it could refuse and ... more
Turkish LPG carrier set on fire during Russian drone attack
A Turkish LPG carrier docked at the port of Izmail, Ukraine, was hit by a Russian drone during an attack, sparking a fire on the vessel, which has now been extinguished. According to the Maritime ... more
Egypt and Russia finalise key agreements for Dabaa Nuclear Power Plant
Egypt has signed an agreement with Russia’s Rosatom to secure the nuclear fuel supply for Unit 1 of the Dabaa Nuclear Power Plant, Al Ahram reported on November 19. Officials said the agreement ... more
Most Read
-
The birth of a Kazakh banking empire: ATF Bank
3 years ago
-
The birth of a Kazakh banking empire: ATF Bank
3 years ago
-
India’s smart metering push gains momentum
4 months ago
-
The birth of a Kazakh banking empire: ATF Bank
3 years ago