The Swedish investor, East Capital Explorer Financial Institutions Fund AB, has bought up 19.99% of shares in AKIBANK (Naberezhnye Chelny, Tatarstan). After the bank issued R600 million in addition shares, the Swedish fund took over 19,99% of bank shares and 5.32% of shares went to the Russian SVYAZINVEST communications holding company. AKIBANK’s charter capital grew by 60% to R1.57b.

Source: BANKIR.RU, August 16, 2007