After the successful completion of Bank Nizhny Novgorod’s takeover on June 7, Promsvyazbank announced on Tuesday the end of the takeover procedure at its subsidiary, Volgoprombank.
“Starting today all Volgoprombank offices will be operating under the brand of Promsvyazbank. The operations optimization procedure resulted in the relocation of some “overlapping” sales offices at Promsvyazbank’s Volgograd branch and Volgoprombank. “Since this time clients of both banks have access to the united service network in the region that consists of 16 sales offices and over 60 ATMs, and also the full range of Promsvyazbank’s services and products," the bank noted in a press release.
Promsvyazbank, as a successor, will be fulfilling all obligations of Volgoprombank, including loan agreements, bank deposit agreements and payroll agreements in full and on previous terms. The entire base of bank cards, previously received logins/passwords to access online banking system PSB-Retail remain valid after the banks’ merger as well.
“We assess the takeover of the largest lender in the Volgograd region as a really successful project. Right now it can be safely said that clients of both Volgoprombank and Promsvyazbank will benefit from the merger. Undoubtedly, Volgoprombank’s operations under the new brand will provide clients and partners of both banks with reliable, impeccable and easy access to the services and products," Promsvyazbank director for asset integration Igor Smelyansky pointed out.
The April 2 extraordinary shareholders meeting held by Promsvyazbank decided to reorganize the lender through the takeover of Volgoprombank. A record to this effect was made in the Unified State Register of Legal Entities on May 5, 2010.
Volgoprombank entered banking group Promsvyazbank in 2008. Earlier (2007) 95.07% of the bank’s securities were purchased by Promsvyaz Capital B. V., a shareholder of Promsvyazbank.
Promsvyazbank was established in 1995. Its owners are Dmitry and Alexei Ananiev (72.93%), German Commerzbank (15.32%) and EBRD (11.75%). Promsvyazbank is a universal bank of the federal outreach with a broad sales network. Based on Banki.ru data, as of May 1, 2010 the lender’s assets stood at Rub 481.02 bln (10th place in Russia), capital (calculated in line with CBR requirements) totaled Rub 41.26 bln, including the Rub 11.42 bln subordinated loan, the credit portfolio amounted to Rub 278.81 bln and obligations to households equaled Rub 90.5 bln.
As of May 1 Volgoprombank’s assets, in line with Banki.ru data, totaled Rub 5.57 bln (292nd place in Russia), own funds came to Rub 1.57 bln, the credit portfolio amounted to Rub 1.77 bln and household obligations equaled Rub 1.97 bln.
