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
South Africa probes locally made LightWare components found in Russian drones used in Ukraine
South African authorities have launched an investigation after electronic components manufactured domestically were discovered in Russian drones used in the war in Ukraine, officials confirmed this ... more
Russian GRU parcel bomb plot traced to Estonia
Estonian authorities are considering whether to extradite two residents accused of helping Russian military intelligence (GRU) operatives send parcel bombs that nearly caused major air disasters ... more
Citibank to fully exit Russia from November as Western lenders retreat
Citibank, the Russian subsidiary of US banking giant Citigroup, will wind down its remaining operations in Russia from Nov. 1, marking the final step in its exit from the country, Reuters reported on ... more