Rosbank poised to determine SPO parameters

​ RIA NOVOSTI. Rosbank will hold an extraordinary shareholders meeting today as part of the merger of the Russian assets owned by French financial group Societe Generale (SG). The EGM will review parameters of Rosbank’s additional share issue in favor of SG and also details of the acquisition of a 100% interest in Rusfinance Bank and DeltaCredit, RIA Novosti reported.

Currently under way is the merger of SG’s subsidiaries: Rusfinance Bank (100%), DeltaCredit and BSGV, and also Rosbank. At present, entrepreneur Vladimir Potanin holds a 30.38% interest in Rosbank and Societe Generale owns 64.68% of the bank.

The size of the SPO, its value and the price at which shares of the financial institutions will be purchased will be discussed at the meeting, a Rosbank spokesman specified in an interview with RIA Novosti. Rosbank officially keeps confidential the parameters that will be proposed to the EGM for approval.

For the record, French financial group Societe Generale and Interros agreed to merge Rosbank and other Russian subsidiaries of SocGen, and the French group will control 81.5% of the under-formation institution.

Two universal banks, Rosbank and BSGV, will be folded into a single structure with two independent brands to be retained. Two specialized concerns, Rusfinance Bank (consumer lending) and DeltaCredit (mortgage lending), will become wholly owned subsidiaries of the new company.