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Rosneft buys 25.5% share in Russian bank, ups stake to 76.5%

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MOSCOW, June 23 (RIA Novosti) - State-owned oil company Rosneft has acquired 25.49% of shares in the Russian Regional Development Bank at an auction, increasing its stake in the bank to 76.47%, the RRDB said Friday.

Rosneft bought the package for a starting price of 332,718,000 rubles ($12.3mln).

The other shareholders include state-run foreign trade bank Vneshtorgbank, which owns 13.3% in the RRDB, the State Property Management Committee in the Oryol Region, central Russia (3.92%), the State Property Management Committee of the Siberian region of Irkutsk (0.65%), and the Economic Cooperation Association of members of Russia's Central Federal District (0.65%).

Established in 1996, the bank is ranked among 50 leading credit organizations in Russia. As of June 1, 2006, its fixed capital stood at 1.2 billion rubles ($44 mln), assets amounted to 21.4 billion rubles ($791mln), and charter capital to 765 million rubles ($28 mln).

The RRDB is an affiliated member of the MasterCard International account management system and a principal VISA International member.

This is a new deal for Rosneft, which plans an initial public offering in July.

In December 2004, it bought Yukos' [RTS: YUKO] main production unit Yuganskneftegaz via a government organized auction ostensibly to clear the oil company's debts. On June 20, it signed a deal with China's Sinopec Group to buy a 51% stake in regional Russian oil producer Udmurtneft.

And Rosneft could reportedly acquire the Yukos held 20% stake in Gazprom Neft, formerly known as Sibneft [RTS: SIBN].

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