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Report: Founders to sell stakes in Russia-based Modulbank

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Report: Founders to sell stakes in Russia-based Modulbank

The three co-founders of JSC Commercial Bank Modulbank will sell their stakes in the lender in December, Vedomosti reported Dec. 9.

Oleg Laguta, Andrei Petrov and Yakov Novikov each have a 7.5% holding in the bank. They confirmed the planned sale to Vedomosti, but declined to name the buyer.

Russian businessman Artem Avetisyan is likely to buy the shares, possibly through a third party, the newspaper said, citing sources. Avetisyan already owns 68.3% of Modulbank and also controls Public Stock Co. Orient Express Bank with his business partners.

Following the sale of their stakes, Laguta, Petrov and Novikov will join Orient Express Bank to help with its digital transformation and to develop its services for small and medium-sized businesses, according to the report.