By Andrei Skvarsky
TransCreditBank, a bank controlled by state rail transport monopoly Russian Railways (RZD), has bought out Russian investment bank KIT Finance.
A TransCreditBank spokeswoman has confirmed to EmergingMarkets.me that the bank had taken over KIT Finance in a recent series of internal structural developments in which the institution has, among other things, bought out four regional subsidiaries and set up an investment company, TKB Capital, which has offices in Russia, Britain, Cyprus and Estonia and offers a variety of services.
KIT Finance, one of the first Russian victims of the financial crisis, announced in September 2008 that it would be unable to pay its debts and was taken over by RZD and Russian state diamond monopoly Alrosa.
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