BARING VOSTOK CAPITAL PARTNERS (BVCP) has bought a blocking stake in the Russian CENTER OF FINANCIAL TECHNOLOGIES (CFT). CFT, a recognized provider of IT solutions for Russian banks, owns the Russian GOLDEN CROWN payment system. Following the purchase of nearly 50% of shares in the Kazakh bank, CASPIAN, in spring 2006, BVCP has gone into developing technological infrastructure for banking businesses. BVCP has become a CFT strategic partner, while Mikhail Lomtadze, a BVCP partner, won a seat on the CFT board. According to a VEDOMOSTI source familiar with the deal, BVCP paid more than $30 million for the blocking stake. In 2005, CFT recorded more than $48m in revenues, moving up to the top position on the iONE banking software producer rating. According to CFT estimates, about 35% of Russian banks use the company’s solutions in their business.
Source: VEDOMOSTI, June 27, 2006
