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Report: Bank ALEKSANDROVSKY drops plans to sell stake to Bank Saint-Petersburg

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Report: Bank ALEKSANDROVSKY drops plans to sell stake to Bank Saint-Petersburg

PJSC Bank ALEKSANDROVSK decided not to sell 19.9% of its shares to PJSC Bank Saint-Petersburg and plans an additional share issue in 2018, targeting a wider circle of investors, Vedomosti reported Oct. 16.

ALEKSANDROVSKY initially planned to issue 50,830,000 additional shares and sell them to Bank Saint-Petersburg by the end of 2017, with the decision approved by its shareholders Sept. 26. ALEKSANDROVSKY's management board head Evgeny Lotvinov, who holds a 25.6% stake in the lender, told the newspaper that the share issuance for Bank Saint-Petersburg had been planned since March 2017, but after its recapitalization and good financial results reported by the bank for the first nine months of 2017, the shareholders decided the lender would not need an institutional investor this year.

The bank is involved in negotiations with several entities with regard to potential investments in its capital, the executive added, without naming the investors. Lotvinov also said the parameters of the share issuance eyed for 2018 will depend on the pace of ALEKSANDROVSKY's development.