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  Sunday, October 20, 2019
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Russia’s Vneshtorgbank plans to form a pool of investors
Russia’s Vneshtorgbank plans to form a pool of investors to which it will sell a ten-percent package of its shares, the bank’s president, Andrei Kostin said on Friday. He said neither the European Bank of Reconstruction and Development, nor the IFC, of the United States will participate in the pool. “We have consultants, who have surveyed potential investors, among them Western investment funds and financial institutions. We are considering the possibility of drawing other investors.” Kostin believes that at first one or two major investors must be found among international financial organizations, and then a pool of investors gathered for another 10-percent stake. Prime-Tass quotes Kostin as saying he had discussed this theme with Mikhail Fradkov, Alexander Zhukov and Alexey Kudrin. “There is understanding and we plan to create such a pool,” he said. Kostin is an advocate of another revaluation of the bank’s business, because Vneshtorgbank made a very good performance in 2003. “I am asking the government for permission to revaluate the bank’s business upwards.” If the bank’s business is to be revaluated, this work will be done by the same appraisers – J.P. Morgan and Ernst and Young, Kostin said.
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