An April 2 extraordinary meeting held by Promsvyazbank shareholders decided to reorganize the bank’s subsidiary banks, Volgoprombank and City Bank of Nizhny Novgorod, by folding them into Promsvyazbank, the latter’s press service reported on Monday. Decisions were also taken to approve the new edition of the bank’s charter and on its participation in a number of regional chambers of trade and industry.
For the record, Volgoprombank and City Bank of Nizhny Novgorod joined banking group Promsvyazbank in 2008. Based on preliminary RAS data, as of January 1, 2010 Volgoprombank’s assets stood at Rub 5 bln and equity equaled Rub 1.3 bln. Assets held by City Bank of Nizhny Novgorod amounted to Rub 4.44 bln and equity came to Rub 395.3 mln.
