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Report: Sovcombank divests holding in Modulbank

PJSC Sovcombank sold its 24% stake in JSC Commercial Bank Modulbank to Russian businessman Artem Avetisyan, who is the largest shareholder in the latter lender, Vedomosti reported Dec. 18 after news agency Interfax.

Proceeds from the transaction will be used by Sovcombank to replenish its capital, the news report said, citing the lender's management board deputy head Sergey Khotimskiy. The value of the transaction was not disclosed.

Sovcombank acquired Modulbank shares in two transactions in 2016 from COMMERCIAL BANK UNIASTRUM BANK (LLC), at a time when it was also controlled by Avetisyan. Uniastrum merged into Public Stock Co. Orient Express Bank at the beginning of 2017.