Onexim, an investment vehicle of Russian billionaire Mikhail Prokhorov, has sold a 6.5 percent stake in Renaissance Credit bank, the newspaper Vedomosti reported, citing the bank's CEO Alexei Levchenko.
Prokhorov, a businessman and a politician, bought the remaining half of investment bank Renaissance Capital and the consumer bank Renaissance Credit last year from founder Stephen Jennings, who left Russia.
Levchenko told the daily the stake was sold to Yevgeny Yurchenko, a former executive with Svyazinvest, the state company which controls Russian state telecoms operator Rostelecom.
Levchenko did not comment on the price, adding only that the deal valued the bank at 1.5-2 times its capital. According to Vedomosti's calculations, the 6.5 percent stake could have been sold for 2-2.6 billion rubles.
The bank could not be immediately reached for comment.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
