Support The Moscow Times!

MDM Bank Seeks Investor

MDM Bank, a privately owned midsized lender, plans to attract a new foreign investor, Kommersant reported Monday.

Talks are ongoing with Asian and Arabic sovereign investment funds, including Abu Dhabi Investment Authority and Investment Corporation of Dubai, the newspaper said, citing several banking sources.

MDM Bank, whose largest shareholders are businessman Sergei Popov with a 56.3 percent stake and Igor Kim with 11 percent, may offer up to a blocking stake of 25 percent to the potential investor.

The bank posted about 2.5 billion rubles ($88.18 million) in net profit for 2010 and expects to earn between 2 billion and 9 billion rubles this year. It declined to comment on the report.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.