June 8, 2018 / 9:59 AM / 2 months ago

Russia-China fund, Middle East investors eye stake in Sovcombank

BEIJING, June 8 (Reuters) - Russia-China Investment Fund, established by Russian sovereign fund RDIF and China Investment Corp., said on Friday it planned to invest in Russian lender Sovcombank jointly with a consortium of leading Middle Eastern funds.

The term sheet, signed during President Vladimir Putin’s visit to Beijing, sets out plans for the consortium to acquire a minority stake in Sovcombank.

Sovcombank will invest in expanding its business in Russia and plans an initial public offering in the next three years, RDIF said in a statement. (Reporting by Denis Pinchuk and Polina Nikolskaya; Editing by Maria Kiselyova and Mark Potter)

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