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Oil firm to raise stake in AK Bars Bank

Russian oil company PJSC Tatneft will raise its stake in PAO AK Bars Bank by acquiring half the shares being issued by the lender in a capital increase.

AK Bars Bank is issuing 10 billion ordinary shares with a par value of 1 ruble apiece. Tatneft will acquire 5 billion shares, raising its stake to approximately 17.24%, the oil company said May 29.

Both Tatneft and AK Bars Bank are based in the Russian republic of Tatarstan.

As of May 29, US$1 was equivalent to 56.46 Russian rubles.