Citicorp, Rinaco Pact

Citicorp has acquired through a wholly owned subsidiary a minority stake in Moscow-based investment house Rinaco Plus, the brokerage said on Thursday. Rinaco Plus spokesman Alexei Kondratiev declined to say exactly what percent of the company Citicorp had acquired, but a company statement said the holding entitled the company to one seat on the board of directors. The partnership marks a new stage for Rinaco Plus and is in line with the long-term strategy of the company, it said.