Orient Express Bank has begun the takeover procedure with regard to Kamabank, the bank’s press service reported.

“The merger will allow them to expand business possibilities and improve the quality of banking services offered to Perm and Perm region inhabitants, firming the bank’s positions nationwide. In the first half of the year Orient Express Bank will commence operations in Perm and regional localities," a press release said.

As the bank’s representatives noted, mortgage lending experience has already been extended to other regions where Orient Express Bank operates. Kamabank’s mortgage lending center will be reorganized into Orient Express Bank’s central mortgage lending division in Russia.

For the record, on March 1, 2010 Kamabank’s shareholders meeting decided to reorganize the bank through its takeover by Orient Express Bank. The merged bank will continue operations under the Orient Express Bank brand, its capital will top Rub 8 bln and aggregate assets will total Rub 50 bln.

According to the data from news agency Banki.ru and Interfax-CEA, as of January 1, 2010 net assets held by Orient Express Bank were equal to Rub 51.4 bln (65th place in Russia). The lending institution is a member of the national deposit insurance system.