Gazprom to engage financial consultant to prepare sale of Gazprombank shares

Gazprom Executive Board discussed the possibility of changing the structure of shareholding of Gazprombank today, the company's Press Service reported. In order to implement the strategy of Gazprombank's development, which provides for broadening its client base and attracting new shareholders, the Executive Board considers it expedient to sell the blocks of shares of Gazprom and its subsidiaries in Gazprombank. At the same time there is a task to keep the controlling block of shares in the bank (50% plus one share), allowing for the achievement of Gazprom's strategic goals dealing with the bank's operations, the press release reads.

Gazprombank Executive Board Chairman Yury Lvov declared earlier that as a result of the sale of 49% of the shares by the gas holding company, the credit organization was to become a public company. "The public, including individuals" should become shareholders in the bank. Additionally, he underlined that the purchase of the entire block of shares by a foreign investor would not be the most efficient option. However, according to the head of the bank, the proposals on selling the shares submitted by the bank's management and by Gazprom itself could be different.

At the same time Lvov reported that Gazprombank would remain the main partner of Gazprom. He pointed out that 75% of the gas concern's transactions went via this bank. Additionally, he remarked that the bank did not plan to reduce the amount of loans granted to Gazprom, but it planned to decrease the holding company's share in the credit portfolio.