MBRD to Sell Blocking Stake to Foreign Investor

The MOSCOW BANK FOR RECONSTRUCTION AND DEVELOPMENT (MBRD) is in talks with several foreign banks over the sale of its shares, board chairman Sergei Zaitsev has reported. Certain banks have displayed interest in taking a share in MBRD capital. The deal is to be closed off in 2006. The stake’s size has yet to be determined but it will be not less than 25% plus one and not more than a controlling stake, Zaitsev said. Either the bank will issue additional shares to be bought up by an investor or the AFK SISTEMA company, the principal shareholder, will sell part of its shares, Zaitsev stated.