Musa Bazhaev, a Russian entrepreneur, president of Alliance Group, has become a Finprombank shareholder after having purchased an interest of 8.4058% from UM Management Limited, one of the bank's current shareholders, Finprombank said in a press release on Wednesday.

"The deal was transacted as part of the bank's plans to take onboard a strategic investor and raise capital by Rub 10 bln," the bank noted.

The media reported earlier in December that Bazhaev-controlled entities were going to invest up to Rub 10 bln in the bank's capital. "The funds are intended for provision to the bank via tow instalments of Rub 5 bln each in December 2015 and January — March 2016, respectively," the lending institution specified at that time, emphasizing that strategic investment of the specified amount would enable it to double its capital.

As posted on the Bank of Russia's website, limited liability company UM Management Limited is Cyprus-registered and is 100% owned by Russian Stanislav Perminov. Prior to the above deal the company held 19.9836% of Finprombank's voting shares, and its equity interest fell to 11.5778% after the transaction.