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Reports: Tatfondbank changes ownership structure

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Reports: Tatfondbank changes ownership structure

Russian company Tatenergo became the owner of a 14.2% stake in PJSC Tatfondbank following a recent additional issuance of shares by the lender, Business Online reported Jan. 25.

The company acquired 239.3 million Tatfondbank shares, with a total par value of 2.4 billion Russian rubles, according to the news report.

Vedomosti noted the same day that the transaction was carried out via the conversion of a subordinated debt held by Tatenergo in the bank into its shares. The additional issuance of shares was registered in October 2016, before the bank was placed into provisional administration in December 2016.

Business Online also noted Jan. 19 that Moscow-based company DSK also became a shareholder at Tatfondbank, acquiring an 8.7% holding, while asset management company UK Regionfinansresurs divested a stake of the same size.

As of Jan. 26, US$1 was equivalent to 60.37 Russian rubles.