21 July, 2011

Societe Generale accelerates consolidation

The French group Societe Generale has increased to 82% stake in Rosbank, which is based on June 30 brought together all its Russian "daughter". Shares of the companies of Vladimir Potanin and VTB in Rosbank, therefore, decreased. However, the complete redemption of the French minority interests Rosbank speech does not go.

The largest shareholder of Rosbank French group Societe Generale has increased its share in it with a 74.9% to 82.4%, according to the website of the Russian bank. At the same time the share of minority shareholders - the companies of Vladimir Potanin (Pharango Holdings and ICFI) and VTB, owned by 11.1% - down to 6.3% and 9.3% respectively.

Partially reduced minority interests was up to an additional issue that Rosbank conducted within the framework of accession of the other "daughters» Societe Generale (SG) - Bank Societe Generale Vostok. The additional issue was placed on the amount of 3.076 billion rubles., Or as a result of Rosbank capital increased by 25%. Shares were placed by converting them into ordinary shares of 1.293 trillion BSGV nominal value of 0.01 rubles. This helped to increase the share of Societe Generale in Rosbank and smearing of shares of other shareholders. Occurred in a similar way and the previous increase in the proportion of the French group in Rosbank. At the end of last year Rosbank for "adoption" of two other banks, controlled by Societe Generale (Bank "DeltaCredit" and Rusfinance Bank), increased the capital by 50 billion rubles., Resulting in increased and the proportion of the French group, eroding minority interest.

After all the additional issue of the share of Societe Generale was up about 78%. However, the group has acquired slightly more than 3% of the company ICFI, due to what proportion of the latter was reduced to 1.1%. Intention of further increasing its stake until the voice of SG. Furthermore, the proposal VTB, which has become at the end of last year, the owner of a minority stake in Rosbank, to sell its stake to the French, was rejected. SG said then: given that VTB plans to be a long-term investor Rosbank, the team is ready to advise a state bank with a view to "find solutions".

What will happen to the shares of Rosbank, the remaining structures in the Vladimir Potanin, is not clear. He has previously said about the possibility after the merger of banking assets in Russia SG swap its stake in Rosbank stock Societe Generale. As reported by "Kommersant" deputy general director of "Interros" Larissa Zelkova, after finalizing all the procedures to combine structure Vladimir Potanin will be ready to return to the issue of the share exchange for a stake in Rosbank SG.

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