Russia's Federal Antimonopoly Service extended the consideration period for Vnesheconombank's application regarding the purchase of 78.61% of the voting shares in OJSC Ilyushin Finance Co., the regulatory body informed.
After due consideration, the competition authority established that the transaction applied for could restrict market competition.
Today, the Vnesheconombank group controls 21.39% of IFC shares through VEB Capital LLC.
State-owned corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank, tax number: 7750004150) was established under the Federal law of the Russian Federation "About the Bank of Development" through the reorganization of Vnesheconombank USSR in 2007. Vnesheconombank is one of development institutes focusing on the elimination of infrastructural restrictions for the economical advance, the increase of efficiency of natural resources utilization, the development of hi-tech industries, the optimal usage of the SME innovative and production capacities, the support of export of industrial products and services.
IFRS net profit of Vnesheconombank for 2012 increased 2.3-fold to RUB 17.5 billion from RUB 7.48 billion for 2011. Assets grew by 15% to RUB 2.919 trillion, net interest margin increased by 25.1% to RUB 80.5 billion, the bank's equity decreased by 0.2% in 2012 to RUB 531.9 billion as of December 31.
OJSC Ilyushin Finance Co. (IFC) is an aviation leasing company founded in 1999. The company is principally engaged in financial and operational leasing of domestic civil planes for deliveries in Russia; financing of export deliveries of domestic aircraft; comprehensive support of customers. Since 2007 IFC has been part of OJSC Obyedinennaya Aviastroitelnaya Korporatsiya (OAK) providing the greater part of deliveries of new civil domestic planes to Russian and foreign air carriers.