RIA NOVOSTI. Krasnodar Regional Investment Bank (Kraiinvestbank), the largest lender in the Krasnodar region that is controlled by the regional government, is going to pay its shareholders Rub 34.34 mln in 9M08 dividends or around 40% of profit for this reporting period, a representative of the lender’s press service said in an interview with RIA Novosti. The lending institution’s general shareholders meeting is scheduled for December 29, 2008.

As the regional government’s spokesman pointed out, the decision to pay out dividends is driven by procedural issues relating to state property. “If federal funds are invested in the bank’s capital, dividends should be accrued on a quarterly basis” — the representative said. At the same time, according to the respondent, a number of businesses decide to accumulate dividends.

Kraiinvestbank, based in Krasnodar, was established in 1999 and its major founder is the State Property Fund of the Krasnodar region. The bank is an authorized lending institution of the regional government. In addition, the region, which is represented by the regional department of property relations, owns 97.05% of the bank’ securities.