Due to the appearance of some media reports about Gazenergoprombank’s intentions to pull out of the project to rehabilitate Sobinbank and even sell it, an official representative of Gazpromregiongaz (Gazenergoprombank’s controlling shareholder) Maria Frolova gave the following explanations.

Gazenergoprombank is not going to leave the project to rehabilitate Sobinbank, makes no preparations to sell the lender and holds no negotiations with any potential buyers. Gazenergoprombank continues to fully fulfill all obligations it assumed with regard to Sobinbank’s rehabilitation. Furthermore, Gazpromregiongaz has no plans to divest Gazenergoprombank, a backbone bank of the gas sector that handles most gas settlements in Russia. Financial showings reported by the bank underscore the accuracy of the selected plan of action.

According to the data from news agency Banki.ru and Interfax-CEA, as of July 1, 2009 net assets held by Gazenergoprombank were equal to Rub 100 bln (34th place in Russia). Sobinbank’s net assets equaled Rub 41.8 bln (69th place in Russia) as of July 1, 2009. Both lending institutions are members of the national deposit insurance system.