At an extraordinary meeting held on August 13 Rost Bank shareholders decided to take over four affiliated financial institutions, Irkutsk-based BaikalInvestBank, Smolensk-headquartered SKA-Bank, TverUniversalBank and Ekaterinburg-based Uralprivatbank.

“In accordance with the procedures established by the Russian laws, all required documents related to the bank’s reorganization will be forwarded within 30 days to the Bank of Russia for consideration and registration," Rost Bank president and management board chairman Artem Khenkin specified, as quoted in the lending institution’s press release.

The scheduled timeframe for the bank’s reorganization, given the timeline of statutory procedures, is September 2014, the bank specified on its website.

Upon reorganization Rost Bank’s charter capital would exceed Rub 10.34 bln following the conversion of the four banks’ shares into the lending institution’s stocks.

To remind, this June Rost Bank’s charter capital was already uplifted by Rub 2.84 bln from Rub 7.1 bln to Rub 9.94 bln.

Rost Bank’s largest beneficial owners are Elena Vlasova (50.5% of the shares as of data available as of February 25, 2014), Anatoly Zolotykh and Valentina Alexashina (over 16.6% each). All the three control considerable holdings in TverUniversalBank and BaikalInvestBank, while Anatoly Zolotykh and Valentina Alexashina are also among new co-owners of Uralprivatbank. Apart from this, four banks also have other general shareholders. SKA-Bank, in turn, is directly controlled by Rost Bank.

Volgograd-based lender Kor was also named as a takeover target in the materials prepared for the lending institution’s latest shareholders meeting. In addition, Rost Bank Group comprises Surgut-based Akkobank (Rost Bank holds 88.99% according to the data available on June 16, 2014) and Krasnoyarsk-headquartered Bank Kedr.

In early June the Rost Bank chief executive claimed the lending institution plans to shift its affiliated banks to its brand in the course of time. As for Uralprivatbank, which later entered Rost Bank Group, recently Artem Khenkin told Kommersant that there are plans to partly preserve its brand and the lending institution would operate as Rost Bank’s Uralprivat branch.