By Andrei Skvarsky.
Two state-owned investment promotion funds, one of them Russian and the other Russian-Japanese, have pledged to make a joint investment in SBI Bank, a Russian lender owned by Japanese group SBI Holdings.
The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund, which has been instituted by RDIF and a subsidiary of the state-owned Japan Bank for International Cooperation, are going to put 1bn roubles ($13m) into SBI Bank under a January 25 agreement with SBI Holdings, according to a statement from the Russian bank.
RDIF specialises in co-investment, primarily in Russia, with foreign entities. Partnerships between RDIF and foreign institutional investors have pulled off billions of dollars’ worth of projects since the fund was set up in 2011, RDIF says.
SBI Holdings is a financial group largely specialising in online services and bringing together dozens of companies. It is the sole owner of Moscow-based SBI Bank.
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