Uralsib Bank shares soared 100% on news of its purchase by Vladimir Kogan
UFA, 6 November 2015. /Bashinform News Agency, Ksenia Kalinina/.
Uralsib shares soared 100% on news of its purchase by Vladimir Kogan. On Friday, November 6, the shares rose in price by half after the Moscow stock exchange has increased the upper limit of the trading corridor for these securities. Nearly at 11 o'clock (MSK) the Uralsib shares increased to 0.17 rubles (100%) — the highest price since December 2011. The reason for such increase was the ongoing rally on the news that the bank rehabilitation will be controlled by the businessman Vladimir Kogan, Interfax reports.
Yesterday, on November 5, the bank securities soared 152%. The stock exchange twice a day raised the upper limit of the trading corridor for these securities – at first to 0.07 rubles, then to 0.1 rubles per share due to excessive demand. Just for two days the Uralsib shares soared 5 times.
As Bashinform News Agency reported, the Deposit Insurance Agency has selected an investor for the financial recovery of the Uralsib Bank. It was the St. Petersburg businessman Vladimir Kogan. The Central Bank of Russia has approved the decision to transfer "Uralsib" to Kogan for reorganization promising financial support to the new owner. The Bank will receive a loan of 81 billion rubles for stable operation: 14 billion rubles for the period of 6 years and 67 billion rubles for 10 years.
Uralsib is the main asset of Uralsib Financial Corporation. The authorized capital of the bank as of October 1, 2015 amounted to 29.8 billion rubles, the amount of assets — to 328.8 billion rubles, the amount of own funds — 39.7 billion rubles.
Uralsib is one of the largest universal banks in the federal level, offering a wide range of financial services to private and corporate clients. The main areas of activity are retail, corporate and investment banking.