Promsvyazbank said it has fully wrapped up the takeover of its subsidiary, Bank Nizhny Novgorod, the lending institution said in a press release. Since today all sales offices of Bank Nizhny Novgorod will be operating under the brand of Promsvyazbank. “Since today clients of both banks have access to the united service network in the region that consists of 13 sales offices and over 50 ATMs, and also the full range of Promsvyazbank’s services and products," the bank noted in a press release.
“During the merger some overlapping divisions of the Nizhny Novgorod-based branch of Promsvyazbank and Bank Nizhny Novgorod moved from the Sormovo branch (63, Ulitsa Svobody) to the new office (19a, Ulitsa Kultury), and Bank Nizhny Novgorod’s headquarters were relocated from 31, Nesterov St. to the new location (8, Nesterov St.), the bank’s press service reported.
Promsvyazbank, as a successor, will be fulfilling all obligations of Bank Nizhny Novgorod, including loan agreements, bank deposit agreements and payroll agreements in full and on previous terms. The entire functional of bank cards, previously received logins/passwords to access online banking system PSB-Retail remain valid after the banks’ merger as well," Promsvyazbank emphasized.
“We are glad we have become a first lending institution that successfully rehabilitated the bank that was hard hit during the crisis through its takeover. We are confident the merger of Promsvyazbank and Bank Nizhny Novgorod will ensure clients and partners will enjoy reliable, impeccable and easy access to the services and products we offer," Promsvyazbank director for asset integration Igor Smelyansky pointed out.
Bank Nizhny Novgorod’s reorganization through its takeover by Promsvyazbank was the last phase of the regional bank’s rehabilitation. The lender was rehabilitated jointly by the Deposit Insurance Agency (DIA) and Promsvyazbank. “As a result, Bank Nizhny Novgorod stabilized operations, achieved seamless settlements of corporate and retail clients, execution of the bank’s obligations and compliance with all prudential provisions," the press release said.
Promsvyazbank was established in 1995. Its owners are Dmitry and Alexei Ananiev (72.93%), German Commerzbank (15.32%) and EBRD (11.75%). Promsvyazbank is a universal bank of the federal outreach with a broad sales network.
Based on Banki.ru data, as of May 1, 2010 the lender’s assets stood at Rub 481 bln (10th place in Russia), capital (calculated in line with CBR requirements) totaled Rub 41.3 bln, including the Rub 11.4 bln subordinated loan, the credit portfolio amounted to Rub 278.8 bln and obligations to households equaled Rub 90.5 bln.
