Russian Regional Development Bank and oil major Rosneft, which are its major shareholders, pulled out of Okhabank (Yuzhno-Sakhalinsk) by selling 65.88% and 33.4%, respectively, Russian Regional Development Bank reported Thursday.
The lending institution noted that it had held an interest in Okhabank's charter capital since 2001. As noted, Russian Regional Development Bank is conducting an asset optimization policy. A subsidiary bank, Dalnevostochny Bank, represents Russian Regional Development Bank in the Far East. Sakhalin-based Okhabank, in this case, is a backup with a modest portion of assets and profit within the group. The current asset optimization policy made it logical for Rosneft and Russian Regional Development Bank to pull out of Okhabank," commented Russian Regional Development Bank SVP Tatiana Kan who is responsible for M&A.
Thus, Rosneft's banking assets include only Russian Regional Development Bank and Vladivostok-based Dalnevostochny Bank.
Russian Regional Development Bank and Rosneft said no word who bought their holdings in Okhabank. Information on new owners has not yet been disclosed on Okhabank's website, as well as on the Bank of Russia's website and the Unified State Register of Legal Entities.
Based on Banki.ru data, as of March 1, 2015 Okhabank ranked 774th among Russian lending institutions in terms of net assets (Rub 340 mln).
For the record, Rosneft planned to set up on the basis of its banking assets a universal financial institution to execute large-scale international projects and streamline its oil and product trading system. The financial institution was also expected to offer a full range of services to retail and corporate clients from the O&G and energy sectors. In order to execute a project to establish sectoral Rosneft-Bank advisors from the Russian office of Morgan Stanley, in particular, its president Elena Titova joined Russian Regional Development Bank as chief executive, were hired for Rosneft in 2012. However, she stepped down in mid-2013. Business daily Kommersant wrote at that time that a strategy developed by Russian Regional Development Bank's executives did not suit Rosneft.
