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Report: Asian-Pacific Bank on lookout for buyers

The shareholders of PJSC Asian-Pacific Bank are looking at various development possibilities for the lender and options to increase its capital, including attracting an investor to purchase a stake in the bank or the entire company, Vedomosti reported May 26, citing the lender's representative.

Shareholders Andrey Vdovin, Alexey Maslovsky and Peter Hambro, who each own a 22.5% stake in the bank via PPFIN Region and Techsun Enterprise Ltd., as well as East Capital Fund, which owns a 17.9% stake in the lender, were instructed by the Russian central bank to reduce their holdings to no more than 10% after Asian-Pacific Bank's unit PJSC M2M Private Bank lost its license in December 2016. East Capital reportedly contested the central bank's instruction in court. The International Finance Corporation is also a shareholder at the lender, owning a 6.7% stake.

The shareholders would like to get about 3 billion Russian rubles for their shares in the lender, a source close to the bank told Vedomosti. Another source said that sale negotiations are being held with at least two banks and several private investors.

The former Russian Economy Minister Andrey Nechaev, who is reportedly involved in the purchasing negotiations on behalf of a group of potential investors, told Vedomosti that a sale agreement could be reached in June.

As of May 25, US$1 was equivalent to 56.32 Russian rubles.