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Mikhail Fridman, German Khan and Alexey Kousmichoff jointly hold beneficial controlling stakes (between 47%-100%) in all the Group’s main Subholdings. With the exception of ABH Holdings Corp. (“ABHH”), which includes Alfa-Bank Russia and Alfa-Bank Ukraine, and also includes small stakes in Alfa Finance Holdings S.A. and Altimo, their holdings are consolidated through CTF Holdings Limited (“CTF”), which also acts as the Group’s Corporate Centre. In order to participate in Federal Deposit Insurance Scheme of the Central Bank of the Russian Federation, ABHH was spun out by CTF and the companies of the minority shareholders and is now held directly by the beneficial shareholders (click here for shareholder structure of ABHH). Minority stakes in the Group’s main Subholdings are held by a small number of individuals, who manage the investments through shareholders' agreements with CTF.
Set out below is a summary of the Group’s main subholdings and their main investments indicating the Group’s ownership and effective interest of majority and minority shareholders:
| Subholdings |
Effective
Alfa Group
majority stake |
Effective
minority stake |
Total |
|
| ABH Holdings Corp. |
77.86% |
22.14% |
100.00% |
| Alfa-Bank Russia |
77.86% |
22.14% |
100.00% |
| Alfa-Bank Ukraine |
77.86% |
22.14 % |
100.00% |
|
| Alfa Finance Holdings S.A. |
77.86% |
22.14% |
100.00% |
| AlfaStrakhovanie Group |
77.86% |
22.14% |
100.00% |
| Alfa Asset Management |
72.24% |
27.76% |
100.00% |
| Alfa Capital Partners |
67.93% |
32.07% |
100.00% |
|
TNK-BP |
19.47% |
5.53% |
25.00% |
| Turkcell (managed by Altimo) |
3.89% |
1.10% |
4.99% |
| CTC Media, Inc. |
20.32% |
5.78% |
26.10% |
|
| Altimo Holdings and Investments Ltd. |
72.77% |
27.23% |
100.00% |
| MegaFon |
18.26% |
6.84% |
25.10% |
| Kyivstar GSM |
31.64% |
11.84% |
43.48% |
| VimpelCom |
32.02%* |
11.98%* |
44.00%* |
|
|
X5 Retail Group N.V. |
47.86% |
52.14% |
100% |
| Pyaterochka |
47.86% |
52.14% |
100% |
| Perekrestok |
47.86% |
52.14% |
100% |
| Karusel |
47.86% |
52.14% |
100% |
|
| A Common Holdings Ltd. |
100.00% |
0.00% |
100.00% |
| A1 Group Ltd. |
100.00% |
0.00% |
100.00% |
|
| Rosvodokanal Group |
60.30% |
39.70% |
100% |
Note: Effective minority stake represents stake held by Alfa Group minority shareholders.
* Effective voting interest. | 
