Uralsib bank may sell its 15% to foreign investors

The Uralsib bank could sell over 15 percent of its capital to foreign investors, Azat Kurmanayev, the bank's president, told journalists today. He accepted the possibility that if the deal for selling the bank's shares considerably improves its position on the market, its shareholders will not be against additional floating and selling to foreign investors over 15 percent of the bank's capital.

This week Uralsib signed a memorandum with the International Financial Corporation (IFC), which gave the latter an opportunity to buy the bank's shares. Uralsib has also negotiated participation in its capital with the European Bank for Reconstruction and Development since December 2002. According to Kurmanayev, the price of participation is being discussed currently. "The process will be accelerated manifold," he added.

Uralsib's president also reported that in October 2003 the bank would announce its loaning plans on international markets for this year.

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