OREANDA-NEWS. December 24, 2007. The transfer to Russian Railways of 1,243,725,000 ordinary shares in TransCreditBank was entered into the register of shareholders, which represents the completion of the legal procedures whereby the Russian Federation made over a 75% stake to Russian Railways as part of the Company’s charter capital, reported the press-centre of Russian Railways.

The process was initiated by President Putin’s signature of Decree Number 178 on 15 February 2007.

The government’s decision reflects the need to develop Russia’s economy and the interests of both companies, following as it does the global trend towards creating holding structures which incorporate banks, pension funds, insurance companies and other divisions involved in the main production areas.

S. Pushkin, the president of TransCreditBank, said: "The presence of Russian Railways, one of the biggest transportation companies in the world, as the main shareholder, with 100% state participation, provides a solid basis for the successful realisation of our plans to undertake the active expansion of TransCreditBank’s business as outlined in our Development Strategy for 2008 to 2010.