OREANDA-NEWS. May 13, 2008. Mr. Mikhail Shishkhanov, the majority owner of B.I.N. BANK, announced that the planned sale of the bank to Mr. Vadim Moshkovich has been cancelled, reported the press-centre of B.I.N. BANK.

The deal, which had been announced on February 21st, 2008, involved the transfer of a 99% equity stake in the bank to Mr. Moshkovich, a senator in the Russian upper house representing the Belgorod region and a partner of RusAgro, Masshtab, and Avgur Estate.

Mr. Shishkhanov, who still had not formally given up his role as majority shareholder and CEO, stated "Taking into account that the terms of closing the purchase agreement have been suspended by the regulative bodies and the deal’s price stipulated by the parties in November last year does not seem satisfactory today, I have made a decision to cancel the deal."

Moreover, Mr. Shishkhanov mentioned the changeable market conditions and his personal attachments to the Bank and the Bank’s team as basic reasons for his decision. He went on to further state "I plan to continue leading the Board of Directors of the Bank along the same successful strategy we have been following, in addition to implementing a capital increase in the short term."

As a result of the sale suspension, Mr. Shishkhanov will be Chairman of Board of Directors while Mr. Grigory Guselnikov will be CEO.