Promsvyazbank looking to merge with Yarsotsbank by year-end

RIA NOVOSTI. Promsvyazbank, a Top 30 lender in Russia by assets, plans to complete the merger by the end of 2010 with Yarsotsbank, one of the leading lenders in the Yaroslavl region, RIA Novosti reported.

“Promsvyazbank wrapped up (in mid-May — editorial note) the takeover of Volgoprombank and Bank Nizhny Novgorod and by the end of 2010, as expected, the merger with Yarsotsbank will be fully completed," the bank said in a statement.

For the record, in late April Promsvyazbank upped its equity position in Yaroslavl Commercial Bank of Social Development to 98.5%.