Russia’s Alfa Bank denies it is planning to sell a stake to Citigroup
11 Jun 2002
"The story on the front page of today's Kommersant newspaper giving details of a supposed deal for the sale of part of the equity of Alfa Bank to Citigroup is not true and has no substance whatsoever," Alfa Bank said in a statement.
"Alfa Bank is not in negotiation for the sale of the Bank or part of the Bank to either Citigroup or any other company."
"Alfa Bank is continuing to develop successfully on its own as a universal bank and as the country's leading private bank."
Alfa Bank is the largest private bank in Russia with assets of US $2.7 billion and shareholder equity of US $278 million. The Bank reported record profits in 2001 of US $85 million.
Alfa Bank provides a full range of banking services - commercial banking, investment banking, asset management, trade finance and insurance. The Bank is currently rated B1 by Moody's, B- by Fitch and CCC+ with positive outlook by S&P.
Founded in 1990, Alfa Bank has more than 80 branches across Russia and fully licensed banking subsidiaries in Ukraine, Kazakhstan, and the Netherlands. The Bank's fast growing brokerage business has a FSA authorised arm in London and a NASD regulated operation in New York. Inside Russia, Alfa Bank is a leader in mergers and acquisitions and debt capital markets, and one of the biggest issuers of banking cards. The Bank also runs the country's largest mutual fund.
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