Alfa-Bank is preparing to change its majority shareholders, the deal will not require regulatory approval. This was reported by a representative of a credit institution to RBC.

The day before, The Financial Times found out that the bank’s founders, Mikhail Fridman and Petr Aven, are discussing selling their shares to another beneficiary, Andrey Kosogov.

Alfa-Bank announced the preparation of an agreement to sell the shares of Fridman and Aven

“As far as we know, that deal is working out. It is too early to talk about its completion – the parties must go through a series of legal and corporate procedures, ”a representative of Alfa-Bank told RBC.

Friedman owns a 32.9% stake in Luxembourg-based ABH Holdings SA, Aven owns a 12.4% stake and Kosogov owns 40.96%. The structure controls Alfa-Bank through two structures: the Cypriot ABH Financial Limited and the Russian AB Holding.

According to the FT, the deal will require approval from the Bank of Russia, as well as possibly the US and EU authorities responsible for sanctions policy. Alfa-Bank itself stated that no additional permits were needed.

The FT also reported that Fridman and Aven are trying to break free of Western sanctions by selling shares. Owners of a credit institution became subject to EU restrictions in February 2022 and UK sanctions in March.

Alfa-Bank itself is under both British and American blocking sanctions, and since February 2023, under European sanctions.

According to the FT, the cost of a 45% stake in Alfa-Bank, owned by Fridman and Aven, could be 178 billion rubles ($2.3 billion).

Author:

anastasia mariana

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.

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