Advantage Austria Show navigation

Raiffeisen buys out EBRD share in Belarusian Priorbank

Raiffeisen © ADVANTAGE AUSTRIA

© ADVANTAGE AUSTRIA

25.08.2008

On August 21 Raiffeisen International Bank Holding AG purchased 10,883,484 shares of Belarusian Priorbank JSC for $50 million from the European Bank for Reconstruction and Development (EBRD), which share in Priorbank’s authorised fund had been 13.5%, BelTA learnt from the bank’s public relations department.

One share went for Br9,739 while the nominal price is Br3,350. Thus the share of Raiffeisen International has increased up to 76.55%.

The deal is a logical step meant to consolidate the bank capital by the strategic investor, namely Raiffeisen International Bank Holding AG, which bought the controlling interest in Priorbank in 2003, said the source.

Priorbank JSC is a member of RZB Group and a subsidiary company of Raiffeisen International Bank Holding AG (Raiffeisen International). Raiffeisen International is a fully consolidated subsidiary company of Raiffeisen Zentralbank Osterreich AG (RZB), which is located in Vienna . RZB owns 68.5% of Raiffeisen International. The rest of the shares are freely traded at the Vienna Stock Exchange.

Priorbank JSC was founded in January 1989.

Source: BelTA, www.belta.by

print
©©ADVANTAGE AUSTRIA