Customer found for Bank Severnaya Kazna

13 November 2008 (08:31)

UralBusinessConsulting Agency of Information and Analytics’ own sources report that a customer might have been found for Bank Severnaya Kazna’s controlling shareholding. This could actually turn out to be the Moscow Bank for Reconstruction and Development, to which the bank’s BOD Chairman Vladimir Frolov might sell his 22.5% shareholding. In addition, a number of the bank’s minor stockholders might offer their shares to the Moscow Bank for Reconstruction and Development. As a result, the latter is expected to acquire control over Bank Severnaya Kazna.

According to the source, the share-transfer procedures have already begun. The sum of the transaction has not been revealed as of yet.

Bank Severnaya Kazna kept experiencing liquidity problems over the last two months, as the customers withdrew as many as 900 million RUR from their deposits in September 2008 alone. Things went from bad to worse in October, so the bank had to impose some limits on cashing the private customers’ deposits in before the end of the deposit period. Vladimir Frolov admits the liquidity shortage comes to about eight billion RUR.

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