Support The Moscow Times!

Commerzbank Completes Promsvyazbank Stake Sale

Promsvyazbank founders Alexey and? Dmitry Ananyev own 73.9 percent of its shares. Above, a Promsvyazbank sign. Maxim Stulov

Commerzbank completed a deal to sell 14.4 percent of its shares in Promsvyazbank to the Ananyev brothers, Vedomosti reported Tuesday.

Alexey and Dmitry Ananyev founded Promsvyazbank and are its main shareholders with 73.9 percent of shares.

Commerzbank, which is selling nonstrategic assets to raise capital, said at the start of the year that it would sell the Promsvyazbank shares and that the Ananyev brothers would buy up the stake.

Both sides didn't reveal the size of the deal, but a source familiar with the situation told Reuters that the value could be close to the price at which the German bank bought the stake.

Commerzbank bought 15.3 percent of shares in Promsvyazbank, one of Russia's top 30 banks, in November 2006, paying about 2.5 billion rubles (about $88 million at the time).

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

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.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more