Victor Pichugov, a former senator of the Khanty-Mansiysky Autonomous District, has become a beneficial owner of a 10% interest in Promsvyazbank, the lending institution's press service reported.

In line with the terms of the deal, Pichugov's Marbale Universal Corp. now holds around 10% of Pervobank, which is part of a banking holding together with Promsvyazbank, and roughly 10% of Bank Vozrozhdenie's common shares.

"Taking onboard new shareholders and shareholder diversification are part of Promsvyazbank's strategy. Victor Alexandrovich is a very experienced manager, and we welcome his decision to buy into Promsvyazbank. I am confident that this cooperation will be mutually beneficial and will help the bank solidify its market positions," Promsvyazbank management board chairman Artem Konstandian commented.

Vedomosti previously wrote that the acquisition of a 10% interest in Promsvyazbank is a cash deal. However, the paper's sources said no word how much Pichugov was going to pay for his stake in the bank. According to a man close to Promsvyazbank, Promsvyazbank's employees transacted the deal. The interest was sold by the Ananiev brothers who own 68.23% of the bank via Promsvyazcapital.

The deal's structure suggests that the Ananievs would inject funds into Promsvyazbank, namely into tier 1 capital, which the bank needs, a Vedomosti source specified. However, a man close to one of the Ananievs' banks said that a decision which the money will be spent on has yet to be adopted.

Promsvyazbank needs cash to maintain its capital adequacy ratios in the conditions when it may need extra provisions, National Rating Agency analyst Karina Artemieva thinks. A Promsvyazbank counterparty believes that the bank needs capital to close records on Bank Vozrozhdenie's acquisition.

Apart from Pichugov, other individuals should soon appear among Promsvyazbank shareholders. The Bank of Russia approved a share swap for Promsvyazbank and Pervobank, and the latter's majority shareholder is Novatek management board chairman Leonid Mikhelson, a person close to Promsvyazbank and the bank's employee told Vedomosti. As part of this deal Pervobank shareholders will get over 5% of Promsvyazbank shares, and a nominee of Pervobank's majority shareholders will take a board seat at Promsvyazbank. Promsvyazbank is planned to take over Pervobank.