On December 13, 2013, the Board of Directors of JSC Transneft will consider the company's withdrawal from OJSC Avtovazbank, the company informed.
To-date, Transneft has not disclosed its stake in the bank and the possible buyer.
OJSC Avtovazbank (Bank AVB, tax number: 6320006108) was established in 1988. The bank's authorized capital is RUB 1.15 billion.
RAS net profit of Bank AVB for 2011 grew by 22.5% to RUB 100.497 million. Net profit (RAS) of Avtovazbank for Q1 2012 decreased by 44% year-on-year to RUB 14.137 million.
JSC Transneft (tax number: 7706061801) is the monopolist in Russia's market of oil export deliveries using pipelines. Transneft Group has the world's largest system of the oil pipelines amounting to 48.505 thousand km.
The company's authorized capital is RUB 7.102 million represented by 5,546,847 common and 1,554,875 preferred shares at par value of 1 ruble. The state owns 78.1057% (100% of the voting shares) of Transneft. Preferred shares belong to private persons.
IFRS net profit of Transneft for Q1 2013 decreased by 22% to RUB 46.524 billion against RUB 59.842 billion the year before. Revenue grew by 1.4% to RUB 183.871 billion from RUB 181.35 billion, operating profit to RUB 65.752 billion from RUB 63.755 billion.
According to the information and retrieval system DataCapital, RAS net profit of Transneft for 2012 decreased by 4.4% to RUB 10.652 billion from RUB 11.142 billion in 2011. Revenue grew by 8.6% to RUB 687.139 billion from RUB 632.78 billion.