VEDOMOSTI. Igor Kim has completed the merger of his two assets (Orient Express Bank and Rostov-based Rostpromstroybank), Vedomosti business daily wrote on Friday, Orient Express Bank board member Kirill Nifontov told the paper.
Igor Kim, the largest shareholder, holds a 54% stake in Rostpromstroybank and an 18.8% interest in Orient Express Bank. His holding in the merged lender is equal to 23.3%, Nifontov specified. Igor Kim’s partners, Sergei Vlasov, Andrei Bekarev and Alexander Taranov, gained 17.2%, 14.6% and 11.06% of the bank’s securities, respectively.
Apart from Igor Kim, the merged lender’s shares are also held by IFC (a 2.53% stake in the merged lender, previously it owned 20% of Rostpromstroybank). Investment fund Prosperity was among the Rostov-based lender’s shareholders, but the fund pulled out of the lending institution shortly before the merger’s completion. Rostpromstroybank’s other shareholders will receive shares of the merged bank.
The merged bank’s assets could total Rub 72 bln and capital could amount to Rub 9.2 bln.
Previously Orient Express Bank management board chairman Sergei Vlasov said till the end of the year the bank could go public and raise over $200 mln. The lender needs IPO proceeds not for organic growth, but for M&A deals, he specified. In August Orient Express Bank announced the acquisition and the takeover of City Mortgage Bank.
