Investment fund Baring Vostok has upped its holding in Orient Express Bank from 67% to 74.4%. An equity interest in the hands of Russia Partners is equal to 15.3%, the lending institution said in a press release.
"The bank's acting management board chairman Alexei Kordichev and finance director Konstantin Rogov became the bank's shareholders (3% and 1%, respectively), which underscores confidence of the bank's executives in a successful shift and development of the business model," said the bank.
Meanwhile, Sergei Vlasov and Igor Kim pulled out of the bank. They intend to focus on their own projects.
"Igor Kim consistently reduced his holding and pulled out of the project as his stake has long been just a portfolio investment. Presently, he focuses on business expansion and acquisitions in Europe. Investment fund Baring Vostok is a qualified investor that knows well VEB and has sufficient expertise and tools to develop the bank," a spokesman of Igor Kim said. 685.3 bln as of August 1, 2015.
