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UPDATE 2-Russia's Safmar moves Russneft stake to help rescue B&N Bank
October 31, 2017 / 11:20 AM / 24 days ago

UPDATE 2-Russia's Safmar moves Russneft stake to help rescue B&N Bank

(Adds VTB comments)

By Oksana Kobzeva and Andrey Ostroukh

MOSCOW, Oct 31 (Reuters) - Russian industrial group Safmar has transferred its shareholdings in a number of companies, including oil company Russneft, to Safmar’s Rost and B&N banks as part of a bailout process, a central bank deputy chairman said.

B&N and Rost, part of the Safmar group controlled by tycoon Mikhail Gutseriyev’s family, were taken over by the central bank last month. The move came less than a month after the bailout of Otkritie, another large Russian lender.

The Gutseriyev family has promised to transfer assets worth over 300 billion roubles ($5.2 billion) to its banking group to reduce the central bank’s contribution to the bailout.

Investments in house builder Inteko and oil company Russneft were among those moved.

“There are shares in Inteko, (housebuilder) A101, Russneft, (chicken) broiler production, cement factories, sawmills and nanotechnology on the list of the assets transferred,” an official at the central bank told reporters on Tuesday.

Apart from assets mentioned, Safmar’s interests also include another oil company, Neftisa.

Pozdyshev did not say how much of each company was transferred to Rost and B&N but said that for Russneft it included ordinary and preferred shares.

Pozdyshev said that stakes in some of the assets are held as collateral and the banks who hold the collateral should agree on the transfer. “Some agree, some ask for talks with us,” he said without elaborating.

Stakes in Russneft and Russia’s largest home electronics retailer M.Video are held as collateral for loans granted by VTB, Russia’s second-biggest bank. Sberbank , the country’s biggest lender, has a minority stake in Inteko and loans with Neftisa.

“There have been no changes in the company’s structure of debt procurement. The Russneft debt to the bank has been stably serviced,” VTB bank said in emailed comments.

Yuri Solovyov, VTB’s first deputy chief executive, has told Reuters that Russneft and M.Video’s debts were serviced and the bank did not have plans to execute its rights over the collateral. ($1 = 58.1779 roubles) (Reporting by Oksana Kobzeva and Andrey Ostroukh; writing by Katya Golubkova; editing by Keith Weir, Greg Mahlich)

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