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Pension fund buys 10 pct stake in Russia's Promsvyazbank
May 14, 2015 / 2:57 PM / in 3 years

Pension fund buys 10 pct stake in Russia's Promsvyazbank

MOSCOW, May 14 (Reuters) - A Russian pension fund has bought a stake of around 10 percent in privately-owned bank Promsvyazbank for 6.9 billion roubles ($140 million), the bank said on Thursday.

The pension fund, called Blagosostoyanie OPS and controlled by businessman Boris Mints’ O1 Group, acquired the stake by buying Promsvyazbank shares owned by Promsvyaz Capital on the Moscow Exchange.

Promsvyaz Capital is owned by Dmitry and Alexei Ananyev, major shareholders in Promsvyazbank.

Blagosostoyanie OPS told Reuters it would not seek to increase its stake in Promsvyazbank from the 10 percent it had bought.

Promsvyazbank is Russia’s 11th biggest bank by assets and one of the largest privately-owned banks in Russia.

The bank said in a statement that the pension fund’s investment would allow it to continue lending to Russia’s largest companies. ($1 = 49.9325 roubles) (Reporting by Elena Fabrichnaya; Writing by Alexander Winning, editing by Jason Bush)

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