Major Russian ALFA BANK owners have decided to bring their holdings to the public eye. According to a preliminary Eurobond issue prospectus, Mikhail Fridman, chairman of the supervisory board of the ALFA GROUP consortium, indirectly controls 36.1% of shares in ALFA BANK. TNK BP Executive Director German Khan holds 23% and ALFA ECO Board Chairman Alexei Kuzmichev owns 17.9%. ALFA BANK President Peter Aven had earlier reported holding 14% of shares in the bank. In accordance with Fridman’s February 2006 valuation of the bank of $3.5b, majority shareholdings may be valued at $1.26b, $805m and $626.5m, respectively. «We have promised to bring our owners into the open step by step and keep a promise," so said Alexander Gafin, a bank board member, explaining the newfound candidness.
Source: VEDOMOSTI, March 13, 2006
