Shareholders of banking holding Republican Financial Corporation decided to turn the corporation private and fold Investment Republican Bank into Mosoblbank.
Other financial companies will also take part in the merger. In 2014 this deal will boost Mosoblbank’s assets, equity and other indicators of the merged lender.
In line with an asset consolidation program, the merger of Investment Republican Bank and Kontrast-bank and ElitNedvizhimost, which also make up the holding, that began in August 2013 was completed last week.
“Banking assets are currently of strategic importance, or can be called core assets, for the holding. We pay great attention to them. As a result of the consolidation we expect Mosoblbank’s capitalization to jump and the bank to expand operations," Alexander Malczewski, president of Republican Financial Corporation, pointed out.
