Vladimir Antonov Withdraws From Investbank

Mar 16, 2011, 14:17 ET from Convers Group Management Company

MOSCOW, March 16, 2011 /PRNewswire/ -- Convers Group Management Company has announced today that Vladimir Antonov, Chairman of the Board, sold his controlling stake in Investbank (40.04% of the bank's common shares) and withdrew from the bank.

After the sale of Mr. Antonov's stake the following changes have occurred in Investbank's shareholder structure:

- Kompaniya Martis LLC has increased its stake in the bank from 0.7% to 17.7% (common shares)

- Paritet Invest LLC has increased its stake in the bank from 2.22% to 6.27% (common shares)

- DentStil LLC, a new shareholder, has bought 19% stake in the bank (common shares)

In February 2011 at Vladimir Antonov's request the Supervisory Council of Investbank relieved Vladimir Antonov, First Deputy Chairman of the Management Board of Investbank, of his duties. His father Alexander Antonov, President and Chairman of the Management Board of Convers Group, Member of Supervisory Boards of Latvijas Krajbanka and Bank Snoras, also withdrew from Investbank's Supervisory Council.

Vladimir Antonov stressed that the sale of his whole stake in Investbank marks a successful, strategic and mutually profitable completion of a deal which had been planned by its participants in accordance with their business plans and which was concluded as a result of efficient negotiations to the satisfaction of both parties. According to Mr. Antonov the proceeds from the sale of his share will drive the development of his business internationally in profitable and fast developing sectors. It will allow him to focus on his business and its efficiency. He also added: "Being an international financial organization, Convers Group plans to use its growing financial potential to attract foreign investments in Russia, focusing on the most promising industrial and business sectors. We do not doubt that the new owners of Investbank will reap high profits and will act in the interests of the bank's shareholders and clients to whom we wish success and prosperity."

Sergei Mendeleyev, a shareholder of Investbank representing the interests of the new group of shareholders, stressed that the bank's development strategy selected by its former owner and aimed at formation of a strong universal credit organization will not be changed significantly as it already proved its efficiency. Mr. Mendeleyev added: "We are fully satisfied with the deal and we thank Vladimir Antonov for his long strategic management and for his decision to sell the bank to us. We will do our best for further steady development of Investbank."

About Convers Group

Convers Group Management Company, an international financial group chaired by Vladimir Antonov and Alexander Antonov, includes a number of European banks (Bankas SNORAS and Finasta, Lithuania; Latvijas Krajbanka, Latvia, and Conversbank, Ukraine), Banco Trasatlantico S.A., Panama, and few other financial and industrial companies. An aggregate value of the assets managed by Convers Group amounts to US$7 billion.

SOURCE Convers Group Management Company