Vnesheconombank to commence marketing sale of Sviaz-Bank and Globexbank

Vnesheconombank has completed preparation for the sale of its subsidiaries Globexbank and Sviaz-Bank and moves on to the marketing stage.

VEB’s adviser on the deal – ATON Investment Company – will shortly send requests for expression of interest to a wide range of potential investors including Russian and foreign banks, financial groups, sovereign funds, Russian and foreign investment funds and private pension funds.

In November 2016, potential investors will proceed to examine internal documents to make the valuation of the banks.

Vnesheconombank intends to close the deal on the sale of the two banks in H1 2017.

To quote Vnesheconombank’s First Deputy Chairman – Member of Management Board NikolayTsekhomsky, the investor base is not limited, and VEB is ready to discuss the deal with those bidders who have already been in negotiations with Vnesheconombank at the early stage and conducted due diligence. According to Mr Tsekhomsky, Vnesheconombank is absolutely open for proposals and eager to put the banks for sale to the maximum number of potential investors. However, the priority will be given to a market transaction with responsible strategic investors determined to develop the banks’ business.

At the first stage of sale preparation from July through October 2016, a number of measures were taken to include enhancing corporate governance at the banks, increasing Globexbank’s authorized capital, and approving Sviaz-Bank’s additional share issue, which will take place in mid-December 2016. At present, the banks’ financial standing is stable, with the capital adequacy ratios being at a comfortable level. VEB has taken a full set of measures designed to improve the investment appeal of the banks.

Press Office
E-mail: press@veb.ru

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