OREANDA-NEWS. September 7, 2007. The Board of Directors of Russian Railways approved a value for a stake in TransCreditBank which has been made as payment for additional Russian Railways shares and set a price for the placement of additional Russian Railways shares.

This completes all the preliminary measures necessary for the Russian government to take a decision on a supplementary issue of Russian Railways shares paid for by shares of TransCreditBank.

Decree Number 178 of Russian president Vladimir Putin dated 15.02.2007 stated that 75% of the shares of TransCreditBank would be transferred to the charter capital of Russian Railways.

TransCreditBank is the main financial partner of Russia Railways and services the majority of the Company’s subsidiaries, handling around 90% of their settlements.

Around 1 million people in the rail sector are also clients of TransCreditBank.