Finance

Russian billionaire to transfer Rosbank shares to foundation

Russian billionaire to transfer Rosbank shares to foundation

(Bloomberg) — Sanctioned billionaire Vladimir Potanin, Russia’s richest person, said he is transferring some of his Rosbank PJSC shares to his charitable foundation.

Potanin’s firm Interros “has started the process of transferring up to 50%” of the Russian bank’s shares to his foundation, the company said Wednesday in a statement on its website. It is also transferring up to 10% of its Rosbank stake to an incentive program for the bank’s employees, who will receive digital financial assets linked to shares.

The move is part of his effort to give most of his wealth to charitable causes, Potanin said in the statement. Potanin, 61, is worth US$34 billion, according to the Bloomberg Billionaires Index, with Rosbank shares making up only a fraction of his net worth.

Potanin’s Interros agreed in April to buy Sociรฉtรฉ Gรฉnรฉrale SA’s entire stake in Rosbank. At the time, it had not been sanctioned by the United States, the United Kingdom or the European Union following Russia’s invasion of Ukraine.

He also got a stake in Tinkoff Bank from its founder, Oleg Tinkov, who said he was forced to sell after criticizing the war.

UK authorities alluded to Potanin’s control of Rosbank when the country imposed sanctions against him in June.

original note:

Russia’s Richest Person to Transfer Rosbank Shares to Foundation

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