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Russian tycoon Kogan closes deal on Uralsib acquisition

The share of the former Uralsib major shareholder Nikolay Tsvetkov was reduced from 97.2% to 15.2%

Vladimir Kogan ITAR-TASS/Ruslan Shamukov

Vladimir Kogan

© ITAR-TASS/Ruslan Shamukov

MOSCOW, November 12. /TASS/. Vladimir Kogan has closed a deal on acquiring an 82% stake in Uralsib bank. According to the bank, the deal was closed on November 9.

The share of the former Uralsib major shareholder Nikolay Tsvetkov was reduced from 97.2% to 15.2%.

Read also

Uralsib bank shares growth on Moscow Stock Exchange reaches 147%, set historical maximum

As TASS reported earlier, Vladimir Kogan, head of the Neftegazindustriya group, signed a deal with Nikolay Tsvetkov, the major shareholder of Uralsib on acquiring 82% stake in the bank. Under the contract, the new owner is obliged to provide the bank with funds, which are sufficient to ensure its smooth operation. The funds will be granted in the form of loans amounting to 14 billion rubles ($219.6 mln) for the period of 6 years and 67 billion rubles ($1.02 bln) for a period of 10 years.

Bank Uralsib occupies the 27th place in the Russian banking system in terms of net assets. At the end of 2014 the bank received a loss under the International Financial Reporting Standards (IFRS) in the amount of 9.5 billion rubles ($145.38 mln), which was 6-fold bigger than the loss in 2013. At the same time in the first half of 2015 losses of Uralsib reached 10.23 billion rubles ($156.5 mln).

The main reasons were establishing reserves for problem loans and increased interest expenses. In the summer of 2015 the shareholders of the bank held its additional capitalization for 17.6 billion rubles ($269.36 mln).

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