KOMMERSANT. OTP Bank shareholders decided to take over Donskoy Narodny Bank (DNB), Kommersant business daily wrote Thursday. The bank will additionally issue common shares worth Rub 179.87 mln and these stocks will be swapped for a 100% stake in DNB, based on which the Moscow-based lending institution will open a branch in Rostov-on-Don. The takeover will allow OTP Bank to increase its assets and equity by 5% and 3%, respectively.
DNB said on its website the reorganization will be finalized on March 31, 2010. “DNB’s takeover was initially planned when the bank was acquired in 2007. But before launching the process it was necessary to change its corporate status (fr om a limited liability company to a closed joint stock company), which took one year," OTP Bank vice president Evgeny Egorov said.
According to him, DNB’s sales offices have already been shifted to OTP Group’s corporate style, therefore the rebranding will be carried out within the shortest period possible and won’t require sizeable outlays. The current network of DNB’s sales offices will be preserved, probably some of them will change location to enhance operating efficiency and there is also a possibility to open new points of sale.
“In 2010 the Rostov branch will have the target of achieving full integration with OTP Bank in order to provide a wide range of new products and services to customers. One of the priority areas of business will be to keep establishing relations with small and midsized enterprises and in this segment DNB has always been successful," Evgeny Egorov said.
