RIA NOVOSTI. The Board of Directors at Ursa Bank approved a decision to issue bonds worth Rub 6 bln to be placed by converting MDM-Bank’s 3-series bonds into those of this bond issue, Ursa Bank said in a press release. The par value of a security to be offered is Rub 1,000.00.
The day when a record about the termination of MDM-Bank’s is made in the Unified State Register of Legal Entities is the date to begin and complete the bond placement. No preemptive right will arise for the purchase of the securities subject to placement.
As reported earlier, MDM-Bank submitted an application to the Unified State Register of Legal Entities seeking liquidation as part of its takeover by Ursa Bank. Both banks find themselves within the Top 30 of Russian banks. On December 3, 2008 the banks officially announced a merger that will create the largest privately owned lending institution in the Russian Federation. The merger will complete by the end of 2009. The new lending institution will have the name of MDM-Bank and Novosibirsk was elected as the bank’s headquarters.
