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Gazprombank, the banking arm of Russian energy giant Gazprom, announced
Gazprombank, the banking arm of Russian energy giant Gazprom, announced on Friday it had lent 22.5 billion rubles ($880 million) to investment brokerage Kit Finance, currently experiencing liquidity problems.

Medium-sized Kit Finance defaulted on some of its obligations earlier this week amid frenzied equity sales on the Russian stock market, sparking fears that bigger players could also suffer.

"Gazprombank announces that it provided 22.5 billion rubles to Kit Finance as of September 19 and continues work to ensure the fulfillment of all of the current liabilities of Kit Finance," the bank said in a statement.

Kit Finance is currently at the final stage of negotiations with Lider, a company affiliated with Gazprom, which has expressed its readiness to buy a controlling stake in the investment brokerage. The deal will be carried out with the credit support of Gazprombank and VTB Bank.

According to Gazprombank, Lider could buy up to 100% of Kit Finance.


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