The Federal Anti-Trust Service (FAS) and the Bank of Russia have given authorization to Orient Express Bank to pick up a controlling block of shares in Kamabank, Orient Express Bank’s press service said in a statement.
The bank said it successfully wrapped up the acquisition of a 79.94% interest in Kamabank on October 30.
Upon completion of the transaction Kamabank has become a subsidiary of Orient Express Bank, still remaining an independent lending institution. The work is currently in progress to streamline Kamabank’s retail products to make them more attractive for Perm region inhabitants, the lending institution said.
According to the data from news agency Banki.ru and Interfax-CEA, as of July 1, 2009 net assets held by Orient Express Bank were equal to Rub 40.68 bln (72nd place in Russia). The bank is a member of the national deposit insurance system.
Net assets held by Kamabank amounted to Rub 4.28 bln (297th place in Russia). The bank is a member of the national deposit insurance system.
