Transneft Wins Tender Organized By Bank Restructuring Agency

The Russian bank restructuring agency, or ARKO, held an open auction for the sale of a 12.95 per cent interest in Avtovazbank. The ARKO press service reported that the price of the block of shares amounted to 18m rubles (about $624,000). Transneft oil company has won the tender. After this action ARKO still remains the largest owner of Avtovazbank - it owns 75.16 per cent in the bank's authorized capital.