Advertising letters forming the Bank of Moscow inscription are seen over the Gidroproekt building in Leningradsky avenue, Moscow.
Photo: Alexey Kudenko
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JP Morgan Gets a Stake in the Bank of Moscow
The Central Bank of Russia (CBR) registered Monday a placement report for the 4.76-percent in the Bank of Moscow. Overall, the bank placed 5.6 million new stocks, having generated 2.9 billion rubles from it.
Of placed stocks, the Bank of Moscow holders bought out more than 750,000 (or 13.51 percent of the new issue) under the right of first refusal. JP Morgan of the United States acquired 2.72 million stocks (2.2 percent in stock capital of the Bank of Moscow) for 1.413 billion rubles.
The purpose of the acquisition, said reps of JP Morgan, is financial investments of non-strategic vitality. We think investing in the bank market of Russia is an interesting and attractive opportunity. As to the price, the buying terms were standard for all.
Some time ago, the Bank of Moscow President Andrey Borodin spoke of the intention to attract an institutional investor for between 1 percent and 2 percent in the bank, where the stake of the Moscow government stands at 59.95 percent now.
www.kommersant.com
All the Article in Russian as of Aug. 22, 2006
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