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Report: Russian regulator allows Onexim to consolidate 100% stake in IFC Bank

The Russian Federal Antimonopoly Service authorized ONEXIM Group to increase its holding in JSC JSCB International Financial Club to 100%, the Prime news agency reported March 23.

Onexim filed its application with the competition regulator in January. Onexim owner and IFC Chairman Mikhail Prokhorov already owns a 27.7% stake in the bank and controls a further 19.7% stake via Onexim Holdings. Board members Viktor Vekselberg and Ekaterina Ignatova own 39.4% and 13% of IFC, respectively.