November 14, 2017 / 7:59 PM / a year ago

Russia's Rost bank has 25 pct of Russneft preferred shares

MOSCOW, Nov 14 (Reuters) - Russia’s Rost bank, part of the industrial Safmar group, has become an owner of 24.99 percent of non-voting preferred shares in oil company Russneft during the third quarter of 2017, a report by Russneft showed on Tuesday.

Safmar group, controlled by the family of Russian tycoon Mikhail Gutseriyev, transferred its shareholdings in Russneft and some other assets to Safmar’s Rost and B&N banks as part of a bailout process, Russia’s central bank said in October but did not disclose the size of the stake.

Russneft did not provide further details in its financial report, prepared under the Russian Accounting Standards.

Rost and B&N, both part of Safmar group, were taken over by the central bank in September. 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.

Russneft, Rost and B&N banks declined to comment when contacted by Reuters on Tuesday. (Reporting by Elena Fabrichnaya and Vladimir Soldatkin; writing by Polina Devitt; editing by Jane Merriman)

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