VEB to sell GLOBEXBANK and Svyaz-Bank ACB at market value

VEB to sell GLOBEXBANK and Svyaz-Bank ACB at market value

MOSCOW, January 27. VEB to sell GLOBEXBANK and Svyaz-Bank ACB at market value, the technical details of the transaction are agreed upon , stated in the message of the Corporation.

“Given the fact that ownership of commercial banks does not match the profile of the main activity of Vnesheconombank, VEB and the Bank of Russia agreed on the sale of shares of JSC “GLOBEXBANK” and PJSC “Svyaz-Bank” specialized state structure – DIA. It is anticipated that the transaction will be at market value determined by an independent appraiser”, – stated in the message.

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It is reported that one of the possible variants of further development of the group’s subsidiary banks, the Deposit insurance Agency in order to consolidate the banking sector considers the merger “GLOBEKS” and Communication-Bank already owned by the DIA, the Bank “Russian capital”.

Currently VEB and the CBR agree on the technical parameters of the transaction, which is necessary to carry to change the legislation governing the activities of all involved in the transaction structures.

WEBB notes that all proceeds from the deal will focus on early repayment of obligations to Vnesheconombank from the Bank of Russia on the bonded loan. The rest of the obligations will be converted into a perpetual subordinated instrument of the Central Bank of the Russian Federation, included in the calculation of capital of Vnesheconombank.

The development of these banks, in addition to the Bank of Russia 212,6 billion in 2008, VEB used more than 14 billion roubles from own sources and paid over 55 billion rubles the Bank of Russia as interest for the use of funds.