URSA Bank’s policy is good for now, Unicom Partner says

8 November 2007 (10:15)

'Russia New Growth Fund's acquisition of URSA Bank’s shareholding can be descried as a wise portfolio investment,’Unicom Partner Universal Investment Company’s Asset Management Director Vitaliy Kalugin said to UrBC.

'I believe the bank’s new stakeholder expects the holding to grow at least 40% more expensive every year,’ he added.

Troika Dialog broke the news in the course of a press conference organized by URSA Bank’s top management and the bank’s business partners in Interfax’s press center. It was announced that Russia New Growth Fund managed by Troika Capital Partners (TCP) had bought URSA Bank’s shareholding consisting of 7.4% of the bank’s ordinary shares acquired from S.M. Capital Group.

'URSA Bank was very fortunate to get financed by a direct investment fund whose selection criteria have become proverbial for their strictness. Yet the bank did get the money, which means the policy it’s pursuing at the moment is the right one,’ Mr. Kalugin noted.

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