RIA NOVOSTI. Alfa-Bank shareholders will review at a March 22 EGM the takeover of subsidiary bank Severnaya Kazna, the lending institution said in a statement quoted by RIA Novosti.
For the record, in December 2008 Alfa-Bank bought a 75.01% stake in Severnaya Kazna that faced problems because of a massive deposit withdrawal in October 2008. At present, Alfa-Bank owns 100% of Severnaya Kazna. The subsidiary bank’s assets account for less than 1% of Alfa-Bank’s consolidated indicators. The media reported earlier that the takeover should be closed in summer 2011 after approval of regulatory authorities. Alfa-Bank shareholders will also consider amendments to Alfa-Bank’s charter in connection with the takeover of Severnaya Kazna.
Severnaya Kazna was established in 1992 and was one of the largest universal banks in the Urals region before the crisis. Alfa-Bank, founded in 1990, is a Top 10 lender in the Russian Federation. In 2010 Alfa-Bank reported RAS net profit of Rub 2.99 bln vs. a Rub 2.1 bln loss a year earlier.
