Khabarovsk-based Dalcombank has completed its reorganization through the takeover by Moscow-based MTS-Bank, MTS-Bank reported on Tuesday adding a record about the termination of Dalcombank’s activities was made in the Unified State Register of Legal Entities on September 10, 2012.

Starting September 11, 2012 all Far East and Siberian divisions of Dalcombank will execute deals on behalf of MTS-Bank as its Far East and Irkutsk branches. MTS-Bank, in turn, will succeed Dalcombank under all valid agreements.

“As a result of this reorganization MTS-Bank’s coverage area virtually coincided with the boundaries of the Russian Federation (from Kaliningrad to Yuzhno-Sakhalinsk)," the bank noted in a press release. MTS-Bank’s own customer service offices totaled around 160 and they continue to expand as new ones open the doors.

Dalcombank’s takeover is a phase of MTS-Bank’s development strategy, the primary goal of which is “to turn into a more universal lender by increasing the portion of retail customer operations in the aggregate business scope," the bank pointed out.

According to MTS-Bank management board chairman Andrei Shlyakhovoy, for the lending institution the year 2012 is “a year of aggressive growth” (huge investments in the IT infrastructure, the introduction of innovative technologies and efforts to expand the area of operations). “As part of the priority areas of business MTS-Bank has been executing projects to roll out innovative payment services, precisely, contactless payment technologies that are offered by international payment systems Visa and MasterCard," the bank specified in a press release.

MTS-Bank is a major financial institution, a subsidiary of Vladimir Evtushenkov’s AFK Sistema. The bank was established in 1993. Until February 2012 the bank operated as Moscow Bank for Reconstruction and Development (MBRD). MTS-Bank’s business, despite quite a wide regional network, is centered on the Moscow region. Its key area of business is lending and maintaining accounts of corporate customers. Also, since 2003, the bank has been rolling out retail business (retail deposits and plastic cards). Furthermore, the lending institution also executes operations on the securities market. As data show, as of August 1, 2012 the bank’s net assets totaled Rub 152.41 bln (No. 36 in Russia), the credit portfolio totaled Rub 75.88 bln and liabilities to households amounted to Rub 30.24 bln.

On the same date Dalcombank’s net assets stood at Rub 27.97 bln (No. 127 in Russia), capital (calculated in line with CBR requirements) totaled Rub 2.78 bln, the credit portfolio amounted to Rub 22.67 bln and obligations to households equaled Rub 18.09 bln.