MDM Bank Announces Completion of Equity Transaction
OREANDA-NEWS. February 17, 2012. MDM Bank has announced completion of the transaction following which Igor Kim exited the equity capital of MDM Bank. The deal was closed on 9 February 2012. As a result of this transaction, the bank’s shares held by Igor Kim were fully repurchased by MDM Bank. Additionally, Igor Kim acquired a 100% stake in LTB Bank.
In November 2011, MDM Bank announced an agreement reached by shareholders for Igor Kim to exit the equity capital of the bank. Following negotiations, there was also reached an agreement for the sale to Igor Kim of a 100% stake in LTB, a former member of MDM Group. The MDM Bank Board of Directors and the bank’s principal shareholders supported the transaction.