The Investytsiyna Kredytna Ustanova LLC (Investment Deposit-Taking Institution) affiliated to Kyiv citizen Oleksandr Zinovyev is going to buy a Ukrainian subsidiary of Russia's VEB, Prominvestbank (PIB), put up for sale pursuant to an international arbitration award on the Crimean assets lawsuit filed by companies associated with the ex-owners of PrivatBank.

As the two company reported in the Ukrainian National Securities and Stock Market Commission's information disclosure system, it intended to acquire all 5,080,310,373 shares, which is 99.7726% of charter capital. The auction to sell the shares on the PFTS exchange is scheduled for August 28.

According to the state register, Investytsiyna Kredytna Ustanova LLC with a charter capital in amount of UAH 8 million was registered in May 2016. In April 2019, it was granted a license for economic activities and rendering financial services.

Zinovyev is owner of FC Express Finance. He is head and minority shareholder of FC Express Invest.

As reported on July 26, Financial Company (FC) Geneva LLC and Yevropeiske Oshchadne Tovarystvo ("European Saving Society") (both based in Kyiv), which are affiliated with ex-head of Alfa-Bank (Kyiv) Andriy Volkov's Investohills, an investment banking boutique, intend to buy Russia's VEB Ukrainian subsidiary.

Last week it became known that the state executive put up 99.7726% of PIB shares for sale on the PFTS. The starting price of the package is UAH 532.099 million (about $20.9 million at the current forex rate). Russia's VEB owns 99.7726% of Prominvestbank's shares. It became the owner of Prominvestbank in 2008, estimating investment in the development of the Ukrainian bank at $ 2.7 billion.

In September 2018, Kyiv's Court of Appeal seized the shares of Ukrainian subsidiaries of Russian state banks, including Prominvestbank, over an application for interim relief filed by a number of companies, which are affiliated with businessman Ihor Kolomoisky. The companies are seeking compensation for their assets seized in Russia-occupied Crimea, which was awarded by the Permanent Court of Arbitration in The Hague.