The Central Bank of Russia has registered UNIASTRUM BANK’s subsidiary, UNISTREAM, which will specialise in money transfers. The subsidiary will get a banking licence some time soon. The new bank is to go into operation within a month. Cash offices will be transferred to the new bank and agreements renewed with bank partners by the year-end. By 2010, UNISTREAM is to build a network of 550 service points. UNIASTRUM BANK will operate as UNISTREAM’s partner and will continue servicing its money transfers. A 25% stake in UNISTREAM is to be sold to an investor. UNIASTRUM BANK is to pay up UNISTREAM charter capital of R172 million and an investor will participate in the project by buying up additional shares this year. Specifically, the bank is to attract Western Europe’s investors operating in the financial sector. Plans are also under way to place about 25% of UNISTREAM shares on the LSE to raise about $100 million via IPO within the next eighteen months.
Source: BIZNES, July 5, 2006
