Source Pravda.Ru

ALMAS TRUST Buys 99% Of Shares In Voronezh Bank From ARKO

The state corporation Agency for Restructuring of Credit Organizations (ARKO) held an open action for shares in Voronezh Bank on December 29, 2001. The ARKO PR Department reported that the ALMAS TRUST company had won the auction. It offered the highest price (1.250 million rubles - about $41,500) for the 99% block of shares in Voronezh Bank and submitted the most balanced business plan for further development of the bank for 5 years, which provides for an increase in the authorized capital to 150 million rubles (about $5 billion) by the middle of 2002. ARKO became a receiver for Voronezh Bank on January 27, 2000. The bank's creditors voted to make an amicable agreement on May 30, 2000. The Voronezh Regional Arbitration Court approved the agreement on September 25, 2000.

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