Gazprom disposing non-core assets as it puts Gazprombank stake on sale

Author: Agatha Idrisova Section: Major Events of the Month

Issue: July 2011, Vol. 6, No. 6

Tags: Gazprom

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Non-Core Assets sales

The Russian gas giant Gazprom has decided to sell a 16.7% stake in its subsidiary Gazprombank, currently ranked among the country’s five largest banks, Gazprom CEO Alexei Miller said, speaking at the St. Petersburg Economic Forum. According to Gazprombank’s charter data, Gazprom owns 41.72% stake in the bank. “This is not a core asset for us. Currently, we are assessing its value as the sale could take place later this year,” Miller noted. “Besides, the presence of Gazprombank on Gazprom’s accounting books has a negative impact on the debt/EBITDA ratio.”