VTB paid 251 bln rubles for 95% in Bank of Moscow

Interfax: Russia & CIS Business and Financial Newswire

VTB Group (RTS: VTBR) paid 251 billion rubles to consolidate 94.85% of the shares in Bank of Moscow (RTS: MMBM) (BOM), VTB’s deputy CEO Herbert Moos said on Wednesday.

“We paid 251 billion rubles for a 94.85% stake [in Bank of Moscow]. At the same time, the current value of its capital comes to 173 billion rubles. Therefore, we purchased this bank at a multiplier of 1.45,” he said. Continue reading

Bank of Moscow swings 5.1 bln rubles RAS net profit in 2011

Interfax: Russia & CIS Business and Financial Newswire

Bank of Moscow (RTS: MMBM) had net profit of 5.107 billion rubles to Russian Accounting Standards (RAS) in 2011, compared with losses of 50.125 billion rubles in 2010, the bank said in a report.

Mikhail Kuzovlev, the bank’s CEO, had said he expected 5.7 billion rubles profit.

Pretax profit was 8.182 billion rubles last year, compared with 48.263 billion rubles loss in 2010, the report said.

The bank plans to pay dividends for 2011. The annual shareholders meeting will decide on the amount.

The bank said interest income fell 21.1% last year to 59.8 billion rubles and net interest income 30.1% to 27.7 billion rubles. Continue reading

Pussy Riot members must stay in jail


A Russian court refused on Thursday to free three members of a women’s punk band who sang a protest song against Vladimir Putin in a cathedral, despite calls for their release by activists and backers who scuffled with police at the hearing.
The three have been in detention for weeks over Pussy Riot’s performance in short dresses and bright masks, which offended Russian Orthodox believers but also ignited a debate on church-state relations. Continue reading

Appeal against $450 mln award for Bank of Moscow to be handled in May


A court of appeals will hear on May 16 Premier Estate’s appeal against the $450 million collection for the Bank of Moscow from Premier Estate and TD Ramenskaya.

TD Ramenskaya was part of Inteco then owned by Yelena Baturina, Russia’s richest woman and wife of Moscow ex-Mayor Yuri Luzhkov.

The Bank of Moscow granted a loan to Cyprus-based Premier Estate in 2009. TD Ramenskaya acted as the guarantor. The loan was set to be repaid in October 2015. Continue reading

“We don’t haggle with the government”

The deputy-mayor of Moscow, Natalia Sergunina, on the sale of property in the capital.

The first major transaction during the large-scale privatisation kick-started by the mayor Sergei Sobyanin, was VTB’s sale of the city’s shareholding in Bank Moskvy without an auction. In an interview with Kommersant, deputy mayor NATALIA SERGUNINA, the person responsible in the capital’s government for issues involving property and land, explained why the city was then afraid to conduct open tenders, and also explained why the mayor’s office is transferring its real estate to federal property on a gratuitous basis. Continue reading

Bank of Moscow fails to sell Eesti Krediidipank stake to Swiss co

Prime News

Russia’s Bank of Moscow has failed to sell its 43.8% in Estonian bank Eesti Krediidipank to Swiss company RLS Finanse as the buyer had not been cleared by the Estonian regulator, Bank of Moscow’s CEO Mikhail Kuzovlev told reporters Thursday.

“The Swiss company has failed to meet part of the conditions of our contract, it did not receive an approval by Estonia’s regulator, and after that did not pay for this contract,” Kuzovlev said. Continue reading