Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Terzyan Sells Stake in Trust

Artashes Terzyan, co-owner of Trust Banking Holding, has agreed to sell his shares in the holding company for units once controlled by jailed billionaire Mikhail Khodorkovsky. Terzyan held about 16 percent of closely held Trust Banking, a spokesman said.

His stake was bought by Ilya Yurov, Nikolai Fetisov and Sergey Belyaev, Trust's main shareholders, Trust Banking Holding said in an e-mailed statement Monday.

Merrill Lynch bought a 10 percent stake in November. Yurov said at the time of the Merrill Lynch investment sale that Trust had no plans to attract any more new shareholders.

Trust Banking Holding owns National Bank Trust and Trust Investment Bank. They were controlled until 2004 by Khodorkovsky, the former Yukos chief executive who is serving an eight-year jail term on fraud and tax evasion charges.

Managers of Trust's investment bank bought it from Khodorkovsky's Group Menatep to distance it from the billionaire and his now-bankrupt Yukos.

"We are in the process of restructuring," Trust chairman Ilya Yurov said in an interview in Moscow on Monday. The bank plans to fold Trust Investment Bank into National Bank Trust in the second quarter, he said.

The bank will have $5.5 billion of total assets by the end of the year, with $1 billion in investment banking and the rest in consumer and business banking, Yurov said.