Bank EEFC-Siberia will change its corporate name to Nomos-Bank-Siberia and Irina Demchuk will take the president seat. “This became known at a press conference held after EEFC-Siberia’s shareholders meeting. So, Nomos-Bank’s acquisition of Bank EEFC-Siberia has been wrapped up," Nomos-Bank’s press service reported.

The authority of the temporary administration, represented by the Deposit Insurance Agency (DIA), was prematurely terminated on June 23 and effective June 24 a new shareholder has taken possession of the bank. The bank’s shareholders meeting elected a new board, with Nomos-Bank management board member Natalya Matyunina appointed board chairman. Irina Demchuk who earlier ran Nomos-Bank’s Novosibirsk branch was appointed Bank EEFC-Siberia president.

“We regard EEFC-Siberia’s acquisition as a promising move, as it perfectly suits our strategy for expanding our regional network and contributes to the activities carried out by our branch in Novosibirsk," Matyunina noted. She appreciated the bank’s current technology standards and stability of its client base. According to her, Nomos-Bank sets the following targets for its new assets: to retain business and the clientele of Bank EEFC-Siberia and boost its market shares in key client segments. Business expansion is planned to be achieved by both offering new products and services and hooking up new clients.

“Within the next 12 months we plan to hammer out a strategy of development and cooperation between the subsidiary bank and the branch on the Novosibirsk market in a bid to achieve a synergetic effect as a universal banking business. After the in-depth analysis of products and services offered by our subsidiary bank we’ll provide our clients with additional products and services, relying on Nomos-Bank’s opportunities. Thus, we plan to bolster the subsidiary bank’s technology and product potential, keeping intact its current architecture and bringing new services to the attention of clients," Matyunina pointed out.

In turn Demchuk is confident both the bank and its clients will benefit from changes. “I am sure partnership ties with Nomos-Bank will open up new opportunities, both financial and technological, for Bank EEFC-Siberia," she noted. Furthermore, the lending institution’s strategic priority areas will remain unchanged and broadening the product mix is at issue. According to her, in the near future the bank’s clients will be offered services of international payment systems Visa and Mastercard, a new range of products and services will be presented to SMEs and the mix of deposit products for households will be enlarged.

According to the data from news agency and Interfax-CEA, as of January 1, 2009 net assets held by Bank East European Finance Corporation-Siberia were equal to Rub 6.07 bln (238th place in Russia). Net assets of Nomos-Bank totaled Rub 259.4 bln (14th place in Russia). Both lending institutions are members of the national deposit insurance system.