Binbank sold

Its president Mikhail Shishkhanov resigned

Co-owner of the Rusagro holding Vadim Moshkovich received control over B&N Bank. As the bank itself notes, with the change of shareholder, the credit institution’s policy will not undergo any changes; the bank’s main activity will remain retail business. No changes are expected in the top management of the financial institution. Market participants call this deal long-awaited. And the entire B&N Bank is valued at $1 billion.

As the press service of B&N Bank told Vremya Novostey, the main shareholder of the bank, Mikhail Shishkhanov, having agreed with minority shareholders, sold about 99% of the bank’s shares to Vadim Moshkovich. Mr. Shishkhanov himself, who until recently held the post of head of B&N Bank, resigned. His place will be taken by ex-partner of the auditing company Ernst & Young Vartan Dilanyan, who has held the post of first vice president at the bank since the end of last year. His candidacy has yet to be approved by the Central Bank. The deal has not yet been approved by the FAS.

It was known at the end of last year that Binbank would be sold to Mr. Moshkovich. The parties confirmed the fact of negotiations, but noted that the deal has not yet been completed. Market participants associate the agreement on the sale of B&N Bank with the sale of the oil company Russneft by its former owner Mikhail Gutseriev. As is known, Mr. Gutseriev is the founder of Binbank and a relative of Mikhail Shishkhanov, and Binbank, in particular, serviced the accounts of RussNeft. Last year, Mr. Gutseriev had serious problems with Russian law enforcement agencies, and he sold his company to the structures of Oleg Deripaska.

The bank itself, however, claims that the bank’s owners began looking for a strategic investor two years ago. Then Mr. Shishkhanov wanted to sell only a blocking stake. Until the completion of the transaction with Mr. Moshkovich, the main shareholder also negotiated with foreign investors, but the parties were unable to reach an agreement.

As the press service of B&N Bank told Vremya Novostey, the bank’s development strategy after the sale will remain unchanged, and top management will also continue to work in it.

Natalia ROMANOVA