OAO Unistream Bank announced the completion of the first stage of the private equity investment transaction with the UK based AIM - quoted investment fund Aurora Russia Limited. Aurora paid USD 13.6 Million to acquire 17.7 % stake. The second payment of USD 6.4 Million to purchase another 8.3% will take place upon approval of the Central Bank of Russia, which is compulsory for the stakes exceeding 20%. The deal to acquire 26% of Unistream was announced on the 30 November 2006.
The funds will be used to finance Unistream's expansion across Russia over the next few years- says Unistream chairman Gagik Zakarian.
Unistream is one of the leading money transfer companies in Russia, estimated by management accounts to have transferred USD1.84 billion in 2006.