Getin Holding, based in Poland, has sold its equity stake in IdeaBank, the lender said in a press release. Currently, a 76.2657% interest in IdeaBank is in the hands of Fora-Opportunity Russian Bank (Forus Bank).
It was previously reported that the decision to sell the Russian bank was adopted as its profitability did not satisfy its shareholder. "The decision to sell IdeaBank was driven by the fact that due to the current macroeconomic and political conditions the bank's mid- and long-term profitability does not suit its shareholder," Larisa Vlasova, president of Carcade, a 100% subsidiary of Getin Holding, said in May.
The Krasnodar-based bank, called KubanBank at that time, became part of the foreign holding in 2011.
This year Forus Bank has also replaced its foreign owners with Russian ones. In late January Dutch-based DFE and US fund Creation Investmens Fund, which held 51% and 49%, respectively, pulled out of the lending institution. As posted on the Bank of Russia's website, presently Forus Bank has 11 individual shareholders with stakes ranging from 4.81% to 9.96%.