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Sovcombank eyes investments from RCIF, Middle East funds

The Russian-China Investment Fund, set up by the Russian Direct Investment Fund and China Investment Corp., plans to take a minority stake in PJSC Sovcombank together with a consortium of funds from the Middle East, the Russian lender said June 8.

The bank will use the investments to expand its business in Russia and could hold an initial public offering within three years, it said.

The size of the stake to be purchased under the agreement and the financial details of the deal were not disclosed.

The investors will acquire new shares, and the existing shareholders of the bank do not intend to divest their holdings, Reuters reported June 8, citing Sergei Khotimsky, Sovcombank's shareholder and first deputy chief executive.

The funds plan to invest around $100 million into the bank, a source close to the transaction told the newswire.