Sovcombank has reduced its ownership stake in SPB Exchange from 12.9% to 9.99% by selling part of its stockholding. The Bank’s stake was purchased by shareholders, some of the Bank’s key partners, as well as the management company Sovcombank Asset Management. Each buyer purchased an insignificant share.

Sovcombank decided to reduce its equity stake in SPB Exchange in order to bring its share below 10% so as to treat this holding as an immaterial investment.

Sergey Khotimskiy, co-owner and First Deputy Chairman of the Board of Sovcombank, said:

“This transaction will enable us to manage capital more effectively right away, especially in the context of the Bank of Russia’s plans to regulate dead assets. At the same time, we gave access to a first-class investment idea to our shareholders, major partners and customers. The Bank is not planning to further reduce its stake in the Exchange, and our management company may increase it.”