Bank ZENIT Welcomes New Strategic Partners
Bank ZENIT shareholders have implemented one of the key strategic tasks much talked about over the last three years: the Bank's equity has got new large participants. Tatneft Oil AG completed a deal whereby it sold its shares in Bank ZENIT to a group of companies representing the interests of new shareholders: individual European businessmen.
These individuals co-own companies of the Urals Energy Group which is known both in Russia and abroad for its projects in oil production, refining and transportation, as well as in mining. The new members have bought a 26.75 percent stake in Bank ZENIT from Tatneft daughter company. However, Tatneft retains its blocking stake and continues to enhance co-operation with Bank ZENIT as a key shareholder and customer.
'Negotiations to attract a long-term strategic partner began as long ago as in 2002', noted Alexey Sokolov, Chairman of the Council of Directors, Bank ZENIT. 'The work was performed in compliance with our Development Strategy approved by the shareholders'.
He said that attracting new market shareholders was one of the key development objectives set by the shareholders to the Bank's management. A modern bank cannot ensure a long-term sustainable growth of the scope, efficiency, and competitiveness of its business without diversifying its equity, Mr. Sokolov pointed out.
Under conditions of an increasing competition in the banking sector, he said, it was crucial to achieve a balanced equity structure where none of the shareholders would have a controlling interest. 'It is an objective requirement imposed by global banking development laws'. Achieving this goal facilitates ZENIT integration into the international financial community and creates a solid ground for the improvement of its investment ratings, emphasised Mr. Sokolov.
According to Mr. Sokolov, the completed deal shall improve investment efficiency for all shareholders. The resultant balanced equity structure would guarantee their common interests aimed at capitalization growth and maximisation of return on investment.
'The arrival of the new shareholders marked the end of the first phase in attracting strategic participants of Bank ZENIT equity', Mr. Sokolov underlined. 'We are now entering a new phase in the Bank's development. It is essential to us that the new shareholders have also come to the Bank as clients. We expect this event to give a powerful impetus to the development of our business'.
Bank ZENIT Press Service
Back to the news list
|
