TransCreditBank, which is ranked among Russia's 30 largest banks by the Central Bank of Russia, is the principal bank of Russian Railways. It is 74.99% owned by the Federal Property Agency.
"I hope Russian Railways will formalize the transfer of 75% of TCB shares," Sergei Pushkin said.
The Russian Railways board approved a plan to include the stake in its authorized capital in May, and the relevant resolution had been prepared and is being coordinated by the departments concerned, Pushkin said.
Established in 1992, TCB had net assets worth 62.6 billion rubles ($2.3 billion) as of July 1, a 43% increase on the beginning of the year. Its equity capital is 4.32 billion rubles ($161 million).
The bank has an authorized capital of 1.66 billion rubles ($62 million) and intends to double it through a $200 million additional issue of shares in 2007.
TCB increased its pre-tax profit by 200% year-on-year in the first half of 2006 to 1.335 billion rubles (almost $50 million).
