Private Chinese company CEFC China Energy Company Limited (CEFC) has become a new shareholder of the private Russian bank J&T BANK AO. As part of the developing cooperation between CEFC and the banking group J&T FINANCE GROUP SE, the Chinese company has acquired a 50% share. The entire transaction is subject to the approval of regulators in Russia.
"We believe that the proprietary connection between the bank and the Chinese investment group will provide new opportunities to provide financial services in the framework of developing Russian-Chinese relations. This step is thus another opportunity to accelerate the bank's growth on the Russian market," says Patrik Tkáč, Deputy Chairman of the Board of Directors of J&T FINANCE GROUP SE, of which the bank is a part.
Both parties have agreed not to disclose or comment on the details of the transaction.