OREANDA-NEWS. January 18, 2012. Changes were made to Novikombank’s shareholder register, with Russian Technologies State Corporation becoming the owner of 20% of Novikombank’s share capital. Russian Technologies acquired 600,000 shares of Novikombank from OJSC AVTOVAZ.

Completion of the transaction was envisaged in decisions by the board of directors of OJSC AVTOVAZ and the supervisory board of Russian Technologies State Corporation. The transaction is a logical step in the further strengthening of the partnership between the corporation and the bank, which for many years have been expanding their joint efforts for the development of Russian industry.

Today, Novikombank is a dynamically developing bank and a key financial institution for the real sector. The bank provides services to major companies in machine building, oil and gas, automotive, power and many other industries. As part of its policy to support the innovation and technological development of Russian industry, the bank finances large-scale modernisation projects. Loans to domestic industry account for over 60% of Novikombank’s portfolio.

The bank’s strategy envisages significant growth of business volumes and expansion of its product mix for the purpose of developing high-tech production in Russia. In this context, cooperation with Russian Technologies should promote the further development of Novikombank’s potential to provide financial support to key sectors of Russian industry and enhance the competitiveness of the domestic economy.