Lukashenka’s crony Aleksin buys Idea Bank

MTBank, owned by the family of Alyaksandr Lukashenka oligarch Alyaksei Aleksin, has agreed to buy Idea Bank for 50 million Belarusian rubles, the press service of Getin Holding reports.

Getin Holding owns 99.9% of Idea Bank. In July 2020 the company announced its intention to sell the bank. In November Getin Holding reached a preliminary agreement with MTBank about the sale of the asset.

On February 26, Getin Holding signed a conditional agreement to sell 99.99% of Idea Bank’s shares to MTBank for 50 million Belarusian rubles (almost 16 million euro). The final contract for the sale of shares is expected to be signed by April 2, 2021. The deal has already been approved by the National Bank of Belarus.

As many as 99% of MTBank belongs to two companies of oligarch Alyaksei Aeksin – Energy Oil and Belneftegaz. Until recently, the assets of these companies were registered on the oligarch and his wife Ina Aleksina. However, after the threat of Aleksin being included in the EU sanctions list, the oligarch has registered these companies to his sons – Dzmitry and Vital.

Alyaksei Aleksin is considered one of the oligarchs from Alyaksandr Lukashenka’s inner circle. In recent years he received unprecedented privileges in the tobacco trade. The oligarch’s company Energo-Oil, in particular, was allowed to create a single distribution network, which is how the scandalously known Tabakerka kiosks appeared.