OREANDA-NEWS. April 14, 2008. The City Government continues to be the controlling shareholder of The Bank of Moscow, Vladimir Silkin, Deputy Mayor in the municipal government.

"At present the Moscow Government holds a direct and an indirect interests in the capital of OAO The Bank of Moscow," he explained.

"The direct interest amounts to 43.99% of The Bank of Moscow’s shares that are owned by the City’s Department of Property," Vladimir Silkin went on. "The indirect ownership is assured through OAO Moskovskaya Strakhovaya Kompaniya (MSK) (Moscow Insurance Company)."

The Deputy Mayor noted that OAO MSK owns 15.37% of the Bank’s shares.

OAO MSK was credited in the authorised capital of OAO Stolichnaya Strakhovaya Gruppa (City Insurance Goup) set up in 2007, which, in its turn, is controlled jointly by the Moscow Government and The Bank of Moscow Group.

"The City Government also controls the majority in The Bank of Moscow’s Board of Directors. Seven out of 13 members of the Board of Directors are representatives of the City Government," said Vladimir Silkin.

According to him, the City authorities intend to maintain their interest in the Bank’s capital in the future.

"Notably, the Moscow Government intends to participate directly in the forthcoming issue of the Bank’s shares, which is scheduled for QII — QIII, 2008," the Deputy Mayor added.