East Capital Financials Fund sells holding in Russian Bank Kedr
The East Capital Financials Fund has agreed to sell its 18.8% stake in Krasnoyarsk-based Bank Kedr to a Russian leasing company Ekstroleasing, which is part of a Russian financial group. The Fund acquired the shares in November 2006. The agreed terms imply 46.3% cash on cash return including dividend income. The transaction is expected to be completed by end of June 2012.Bank Kedr has been majority owned by four shareholders – the two Russian bankers who led the management team, European Bank for Reconstruction and Development and East Capital Financials Fund. The shareholders have been