Alfa-Bank acquires over 88% stake in OJSC Baltiyskiy Bank

On 13 October 2014, the Central Bank registered a report on the outcome of a new stock issue by OJSC Baltiyskiy Bank. As a result of the new issue, Alfa-Bank chosen by the Deposit Insurance Agency as an investor of OJSC Baltiyskiy Bank, acquired an over 88% stake in OJSC Baltiyskiy Bank.

Earlier, on 11 September 2014, the provisional management of OJSC Baltiyskiy Bank decided to reduce the bank equity to one ruble by lessening the nominal value of ordinary shares and converting the existing stock. After that it was decided on 22 September 2014, to enlarge the authorized capital of OJSC Baltiyskiy Bank by a new stock issue.

OJSC Baltiyskiy Bank will continue to work on its brand. The prospective plan of the involvement of the State Corporation Deposit Insurance Agency in the prevention of bankruptcy of OJSC Baltiyskiy Bank stipulates OJSC Baltiyskiy Bank reorganization by way of its acquisition by Alfa-Bank.