FAS Clears Rostelekom OAO to Acquire Sobinbank-Interfax

Thursday, 14 Nov 2013 05:02am EST 

Interfax reported that the Federal Anti-Monopoly Service (FAS) has cleared Rostelekom OAO (Rostelecom) to acquire 100% of shares in Sobinbank, the FAS said in a statement. Sobinbank is currently a 100% subsidiary of Bank Rossiya, which is controlled by Mr. Yury Kovalchuk and his business partners. At the beginning of October, Rostelecom President Mr. Sergei Kalugin told journalists that the Company was interested in purchasing a bank to facilitate creation of a system for online payments and micro-lending. 

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