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Deutsche Bank rises stake in Russia’s Aeroflot

Frankfurt-based Deutsche Bank AG, Germany’s largest bank, has increased its stake in Russia’s flagship airline Aeroflot from 1.8% to 8.8%, the carrier said Friday.

The company also said Grabor Trading Overseas Ltd had cut its stake from 12.3% to 4.6%. The trading company is owned by National Reserve Corporation (NRC), controlled by Russian billionaire lawmaker Alexander Lebedev. The government holds 51.1% in Aeroflot, which accounts for 23% of the country’s air passenger flow. The company saw a 16.4% rise in passenger numbers in January-July year-on-year, to 4.6 million people. In 2006, the airline’s net profit was 7.9 billion rubles ($310 million) calculated to Russian Accounting Standards and $258 million according to International Financial Reporting Standards. (rian.ru)