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American Funds Like Revival Bank
The majority of stock in the supplemental emission of Revival (Vozrozhdenie) Bank has been purchased by the American Merrill Lynch Investment Managers Ltd. and Fidelity Investment funds. Renaissance made a supplemental emission in July of 10 percent of its stock that it placed on a competitive basis to receive $54 million. Other companies that bought the stock included the Finnish Mandatum and Pojhola and the Russian Renaissance Capital and OF Invest.
Before the supplemental emission, 45.74 percent of the bank's stock belonged to individuals, including 34.88 percent to the chairman of the bank Dmitry Orlov. Russian legal entities owned 23.95 percent of the stock and nonresident legal entities owned 30.06 percent. The Russian government owned 0.25 percent. Renaissance is the 38th ranked Russian bank by capital and 27th ranked by net assets, according to Dengi's April 1, 2006, ranking.
The purchase by the American funds comes after stock in the Bank of Moscow and Probiznesbank was purchased by foreign companies. Foreign portfolio investors are allowing bankers to maintain greater control of their businesses than strategic investors did. According to the Central Bank of Russia, assets in the banking sector have risen from 2.362 trillion rubles in 2001 to 9.75 trillion rubles this year. The ratio between banking assets and the GDP has risen from 32.3 percent to 45.1 percent.
www.kommersant.com
All the Article in Russian as of Aug. 24, 2006
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