B&N Bank has gained the right to dispose of 99.9% of the votes falling to voting shares, which constitute Rost Banks charter capital. A relevant press release was posted on Monday, December 15. The reason, by virtue of which B&N Bank gained the right to dispose of Rost Bank shares, is “the acquisition of an equity interest in the lending institution”. B&N Bank also received the right to take charge of the shares issued by the lending institutions which make up Rost Group, namely Bank Kedr, SKA-Bank, Akkobank and TverUniversalBank.
The purchase of equity stakes in the financial institutions will allow B&N Bank to expand its network by over 240 offices and add over 440 machines to its ATM network.
A decision that B&N Bank would be in charge of Rost Groups rehabilitation was announced on December 10. For rehabilitation procedures B&N Bank will get Rub 17.5 bln, while Rost Bank will be provided with Rub 18.4 bln to cover a gap between its assets and liabilities.
In line with the rehabilitation plan, Rost Bank will be reorganized by mid-2015 by taking over Bank Kedr, SKA-Bank, TverUniversalBank and Akkobank, and Rost Bank is planned to be folded into an investor by the end of 2020.