Goldman Sachs Bank has been acquired by Balchug Capital in a completed transaction.
Here's the Proper Tea:
Apparently, the cat's outta the bag—Goldman Sachs Bank, once our beloved 100% toy of LLC "Goldman Sachs Bank," has now found a new daddy. And who's the lucky one? Why, it's ZAO "Balchug Capital," of course! According to the lowdown, that smooth move went down on the 23rd of April. The exchange ceremony for the 1.45 billion rubles nominal value of shares happened then, and Balchug Capital's holding the bag now.
Now, don't get your knickers in a twist—Goldman Sachs Bank ain't disappearing just yet. Balchug Capital's press service spilled the beans to RBC that Goldman Sachs Bank was snatched up, along with its current license, but it'll still be in the game under a new name. So, keep a keen eye out for any name changes.
The whole thing went down after Vladimir Putin signed a decree back on January 31st, allowing Balchug Capital to get their paws on 100% of the shares in the Russian "daughter" of Goldman Sachs Group. Word on the street was that Goldman Sachs had already wrapped up a binding agreement to sell their subsidiary at the time, according to a source close to the situation who spoke to Bloomberg.
Now, Balchug Capital's got some heavy hitters to deal with, what with ownership over a chunk of Russian companies like Inter RAO UES, Gazprom, Rostelecom, Rosneft, Novatek, Surgutneftegas, NLMK, Tatneft, and Lukoil. The deal amount between Balchug and Goldman Sachs? confidential like a secret stash of caviar. Balchug Capital confirmed to Forbes that they're planning to pick up the bank, and its operations in Russia, adding it to their portfolio. The bank will stick around to serve current clients and start dabbling with Balchug Capital's assets.
Looking ahead, Balchug Capital, under Armenian entrepreneur David Amaryan's management, intends to mold the bank into their regional strategy. Compliance with international sanctions and local regulations will be the name of the game, according to Amaryan. The acquisition is in line with Balchug's broader aim to make life easy for foreign investors looking to escape, backed by recent Kremlin authorizations allowing purchases of Goldman Sachs’ shares in Russian energy giants like Gazprom and Rosneft.
So, there you have it—Goldman Sachs Bank's got a brand new owner and a shiny new name coming soon. Keep your eyes peeled and ears open, folks. We'll be sure to catch any updates on the street and dish 'em out to you here, so keep on coming back for more. And don't forget to tune in to our Telegram channel @expert_mag for all the scoop on everything business, politics, and more!
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- The ownership of Goldman Sachs Bank has been transferred to ZAO "Balchug Capital" on the 23rd of April, as confirmed by Balchug Capital's press service.
- With the acquisition of Goldman Sachs Bank, Balchug Capital now holds a stake in several prominent Russian companies such as Inter RAO UES, Gazprom, Rosneft, and Lukoil.
- The deal value between Balchug Capital and Goldman Sachs remains confidential, as per the confirmation from Balchug Capital to Forbes.
- Under the management of Armenian entrepreneur David Amaryan, Balchug Capital plans to mold Goldman Sachs Bank into their regional strategy, with a focus on compliance with international sanctions and local regulations.
