Intercommerz Bank has officially announced the completion of Evrazbank’s takeover. As the bank’s press service said in a statement, the merged bank will become a Top 150 lender in Russia and a Top 100 bank in Moscow by net assets.
“Following the reorganization the banks switched to a single balance sheet and Evrazbank will be used a hub for Intercommerz Bank’s corporate business center. Upon mutual consent of the parties the merged bank commenced market operations under the Intercommerz brand. Representatives of both banks took seats in the merged lender’s BoD: Pavel Kryzhanovsky, Valery Gladoshchuk, Alexander Bugaevsky, Alexei Nashchekin and Dmitri Sorokin," the bank said.
After the reorganization the merged bank’s capital will total Rub 2 bln, assets will reach Rub 14—15 bln, obligations will come to around Rub 12 bln and credit investments will be roughly Rub 8 bln.
Intercommerz Bank was registered in Moscow in 1991. This is a dynamically developing bank that specializes in private and corporate banking services. Its founding members are eight Russian limited liability companies: Polex (19.953%), StroyOptCity (19.877%), Mann (18.461%), Artvin-M (18.461%), Dom na Savvinskom (18.184%), private pension fund Inlex (1.379%), Oxfred (1.280%) and Bors-K (1.189%).
Based on Banki.ru data, as of September 1, 2010 the lender’s assets stood at Rub 9.53 bln (No. 205 in Russia), capital (calculated in line with CBR requirements) totaled Rub 650.6 mln, including the Rub 320 mln subordinated loan, the credit portfolio amounted to Rub 3.75 bln and obligations to households equaled Rub 3.02 bln.
Net assets of European-Asian Credit Bank are equal to Rub 7.25 bln (253rd place in Russia), equity capital stands at Rub 3.13 bln, the credit portfolio totals Rub 3.64 bln and liabilities to households amount to Rub 13.42 mln.
