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ALROSA Sells Stake in MAK-Bank to Focus on Diamonds

Mar 2, 2015 4:05 AM   By Deena Taylor
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RAPAPORT... ALROSA sold its 84.66 percent stake in MAK-Bank to Expobank, the company reported on Monday. The transaction closed on February 26, following approval from the Central Bank of Russia.

The sale was part of the company's non-core asset disposal plans to focus its operations exclusively on diamond mining, ALROSA said. MAK-Bank has 10 offices in Russia and provides services to companies and individual clients, including ALROSA employees and Yakutia residents.

“We believe that with the change of ownership MAK Bank will develop rapidly providing its clients with modern banking services," said Sergey Pushkin, the vice president of ALROSA.

Expobank operates 17 offices in Moscow, Saint Petersburg, Novosibirsk, Kemerovo, Yekaterinburg, Perm, Krasnoyarsk and Surgut.
Tags: Alrosa, Deena Taylor, Diamond mining, diamonds
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