The transaction in which Novicombank acquired 100% of Lada-Credit from AvtoVAZ has been closed, Lada-Credit said on its web site.
The deal was transacted as part of the government-approved restructuring program for AvtoVAZ, the main objectives of which are to streamline assets and cut operating costs.
Lada-Credit is a member of the national deposit insurance system and retains all required licenses for banking operations: the CBR general banking license, licenses of the professional stock market participant for depositary, brokerage, dealer and securities management activities, the bank noted in a press release.
Lada-Credit was registered in 1994. Based on Banki.ru data, as of June 1, 2010 the lender’s assets stood at Rub 7.21 bln (247th place in Russia), capital (calculated in line with CBR requirements) totaled Rub 2.33 bln, including the Rub 300 mln subordinated loan, the credit portfolio amounted to Rub 4.68 bln and obligations to households equaled Rub 524.65 mln.
Novicombank is a Moscow-based lending institution that keeps friendly relations with Rostekhnologia and Rosoboronexport and specializes in offering services to corporations, and also various large and medium-sized industrial enterprises. The lender was set up in 1993. Currently, its main shareholders are reported to be Svetlana Gubina (15.95%), Margarita Kontsebovskaya (15.74%), Sergei Tuinov (15.72%), Olga Ivanova (15.43%) and Ilya Radov (15.2%). Another 20% stake has been in the hands of AvtoVAZ since late 2008.
Based on Banki.ru data, as of June 1, 2010 Novicombank’s assets stood at Rub 50.03 bln (No. 73 in Russia), capital (calculated in line with CBR requirements) totaled Rub 6.17 bln, including the Rub 1.99 bln subordinated loan, the credit portfolio amounted to Rub 22.21 bln and obligations to households equaled Rub 5.05 bln.
