Published: July 24, 2012
EBRD and IFC take combined 15% stake in Russian lender ahead of planned IPO.
Russia’s Credit Bank of Moscow (CBM) has attracted new investment from the European Bank for Reconstruction and Development (EBRD) and the International Financial Corporation (IFC).
Each institution will pay RUB2.9bn (US$88mn) in return for a 7.5% stake in the bank.
The capital increase will give CBM institutional support for its plans to launch an initial public offering during the next five years. Roman Avdeev, CBM’s owner, has injected some US$485mn into the bank between 2009 and 2011.
CBM ranked 21st among Russian banks measured by asset size at the end of the first quarter of 2012, up from 55th position at the end of 2008.