ALROSA has sold its 84.66% stake in LLC MAK-Bank to Expobank.

The transaction was closed on 26 February after the approval of the Central Bank of Russia.

ALROSA sold its subsidiary bank as part of the corporate non-core asset disposal programme to focus on diamond mining exclusively.

Sergey Pushkin, the vice-president of ALROSA, said “We believe that with the change of ownership MAK Bank will develop rapidly providing its clients with modern banking services. MAK Bank provides services not only for the companies but also for a variety of individual clients including employees of ALROSA and residents of Yakutia. For this reason one of the main priorities for ALROSA during the sale of the banking business was to preserve interests of the clients and to protect them against funds losses. This is more important in the context of unstable economy. We also welcome the intention of Expobank to provide smooth operation and service for the clients of MAK-Bank in Russia, including the offices in the Republic of Sakha”.

CB MAK-Bank has been operational since 1990. It is engaged in banking and credit financing in industry, investment and commerce. There are about 3,000 companies and more than 100,000 individuals among the clients of the bank. MAK-Bank has 10 offices in Russia, 5 of them are situated in Republic of Sakha (Yakutia).

Expobank has 17 offices in Moscow, Saint-Petersburg, Novosibirsk, Kemerovo, Yekaterinburg, Perm, Krasnoyarsk and Surgut. About 7,500 companies and more than 100,000 individuals are among the clients of the bank.