Belarus sells Paritetbank to son of Lukashenka's friend

The Belarusian government has sold a 99.83% stake of Paritetbank to the Beristore Holdings Limited, which belongs to Said Gutseriyev, a Russian businessman.

The Cypriot company Beristore Holdings Limited of Said Gutseriyev bought 99.83% of Paritetbank shares.

Beristore Holdings Limited was established in April 2019.

Beristore Holdings Limited was established in April 2019.

“In accordance with the Strategy of Financial Market Development of the Republic of Belarus up to 2020 approved by joint resolution of the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus in March 28, 2017, one of the main directions of further development of the banking system is to reduce the state share in the authorized capital of banks up to full withdrawal from the shareholders (participants) of individual banks by selling shares (stakes in authorized capital) to strategic investors,” the report says.

Said Gutseriyev is a co-owner of, registered in Belarus, and several Belarusian IT-startups. He is the second son of Mikhail Gutseriyev, who is often called Lukashenka’s friend.

Mikhail Gutseriyev is creating the Nizhyn mining and processing complex on the basis of Starobinskaye potash deposit to extract potash ore and produce potash fertilizers with the capacity up to 2 million tons of potassium chloride per year. Earlier Gutseriyev Senior built the Renaissance Hotel in Minsk, a business aviation terminal in the capital airport and a number of other facilities.

At the height of the oil war with Russia, Mikhail Gutseriyev’s companies were the only oil suppliers to Belarusian refineries.