July 3, 2018 / 2:40 PM / a year ago

International development banks sell stakes in Russian bank Transcapital

MOSCOW (Reuters) - Three international organisations have sold their stakes in Russia’s Transcapitalbank to management board member Tatiana Orlova, giving her a major stake in one of the country’s top 100 banks, two sources close to the deal told Reuters.

Orlova acquired the three stakes of 27.8, 7.5 and 8.9 percent respectively from the European Bank for Reconstruction and Development, the International Finance Corporation, a World Bank Group member, and Germany’s development finance institution DEG, the sources said.

The deal has been done but it is not yet formally registered, one of the sources said.

An EBRD spokesman confirmed the sale of its stake in the bank without revealing the buyer and said it was a result of a lengthy process. The spokesman gave no further details.

Orlova and Transcapitalbank declined to comment.

The IFC and DEG did not immediately reply to Reuters requests to comment.

Once the sale is completed, Orlova, who held a 1.8 percent stake before the deal, would hold 46 percent of the bank’s shares.

One of the sources said that Orlova bought shares through four companies, which she controls directly or indirectly.

Transcapitalbank is Russia’s 42nd largest bank by assets, according to rankings by Interfax.

Reporting by Tatiana Voronova; Writing by Maria Tsvetkova. Editing by Jane Merriman

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