GE Money Bank has changed its corporate name to Modern Commercial Bank. This information was posted on the Bank of Russias website.
Based on the SPARK-Interfax data, changes related to the lending institutions new corporate name took place on April 23, 2014. DRB Holdings B. V., a private limited company based in the Netherlands, is specified as a majority shareholder of Modern Commercial Bank. The company holds 46.5% of the expanded GE Money Bank.
The official website of Modern Commercial Bank has so far been the same and is located at www.gemoney.ru. There is no information about other websites belonging to the bank on the Bank of Russias website.
Presently www.gemoney.ru automatically redirects users to the website of Sovcombank (24.sovcombank.ru) which wrapped up the acquisition of GE Money Bank at the beginning of 2014. However, information on a credit product, Osoby (Special), which is offered by Modern Commercial Bank, is posted on the website new.gemoney.ru.
To remind, in early February 2014 Sovcombanks acquisition of GE Money Bank was closed. Experts estimated the transaction price at Rub 5.5—6 bln. A week after the closing of the deal the banks new owner replaced all executives at GE Money Bank, with Sovcombank first deputy management board chairman Kirill Sokolov taking the helm of the bank.