EBRD’s buying shares of SKB-Bank symbolizes foreign investors’ great appreciation, Vitaliy Kalugin of Unicom Partner says

‘The European Bank for Reconstruction and Development’s buying a 25% share holding of SKB-Bank’s authorized capital is going to make this Yekaterinburg-based bank much more respectable. It will also ensure cheap money and well-reputed co-directors as well as a great developmental impulse,’ Vitaliy Kalugin, Assets Management Director of Unicom Partner Investment Company, said to UrBC.

SKB-Bank reports it signed the share-selling agreement with the European Bank for Reconstruction and Development on May 24, 2007. The share holding is constituted by the bank’s additional share issue and comes to 25%, which makes the EBRD one of SKB-Bank’s largest stockholders. An EBRD representative is going to become one of SKB-Bank’s BOD members.

According to the European Bank for Reconstruction and Development, the bank intends to support SKB-Bank technology-wise within the framework of a project targeted at making institutional improvements within Russian regional banks; the idea behind the project is to fortify their risk management mechanisms involving both businesses and individual customers.

‘The European Bank for Reconstruction and Development’s buying shares of SKB-Bank symbolizes foreign investors’ great appreciation. The former has made a four- to six-year-long investment, expecting to get at least 35% to 50% a year in terms of profits,’ Mr. Kalugin said.


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