Russia’s Alfa-Bank preparing deal to sell co-owners’ shares

10 March, 03:04 PM
The agreement was not implemented due to the imposition of martial law (Photo:Alfa-Bank Ukraine)

The agreement was not implemented due to the imposition of martial law (Photo:Alfa-Bank Ukraine)

Russia’s Alfa-Bank has confirmed that it is preparing to sell the shares of co-owners Mikhail Fridman and Petr Aven, Russian financial news outlet Kommersant reported on March 10.

“As far as we know, such an agreement is indeed being worked out,” Kommersant reported, citing Alfa-Bank’s press service.

“It’s too early to talk about its completion, as the sides will need to go through several corporate and legal procedures.”

Fridman and Aven plan to sell their stakes in Alfa-Bank to Andrey Kosogovfor $2.3 billion.

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Foreign regulatory approval of the deal may not be required as no one involved in the transaction – neither sellers Fridman and Aven, nor the buyer, Andrey Kosogov – appear on any sanctions list.

Fridman had considered renouncing his Russian citizenship to get out of sanctions and maintain control over Alfa-Bank Ukraine. Reports say that he was not interested in selling his stake to a Russian oligarch, Forbes Ukraine reported.

Andrey Kosogov is a Russian entrepreneur, co-founder and main shareholder in Alfa Group, a member of the LetterOne Board of Directors, and is on the Supervisory Board of Alfa Group.

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