RIA NOVOSTI. The Federal Anti-Trust Service of Russia (FAS) approved a request submitted by Sinara Group to up its equity stake in Sverdlovsky Gubernsky Bank (SB Gubernsky), a Top 100 bank in terms of assets, to 100%, FAS said in a press release.
“FAS reviewed an application regarding the acquisition by Sinara Group of an 89.9% block of voting shares in SB Gubernsky, which coupled with the securities purchased earlier will account for 100% of the bank’s stocks and decided to uphold this application," the anti-trust authority said in the press release.
In November 2008 Sinara and the Deposit Insurance Agency (DIA) entered into an agreement under which the group was under obligation to acquire Gubernsky stocks in the amount required to determine decisions of the said bank on issues assigned to the competence of a general shareholders meeting.
At the same time the investor was to elaborate a detailed program for the bank’s financial rehabilitation and perform in full procedures to prevent the lender’s bankruptcy, the final goal of which is to reorganize Gubernsky through its takeover by SKB-Bank. The Deposit Insurance Agency (DIA) provided Sinara with financial support to prevent the lending institution’s bankruptcy.
Sinara Group is a diversified company uniting enterprises from various sectors. Priority areas of business for the group are transport machine engineering, financial services and real estate development.
