RIA NOVOSTI. Rosbank’s shareholders will review at an April 15 extraordinary meeting parameters of the merger with Bank Societe Generale Vostok (BSGV, both are part of French financial group Societe Generale (SосGen)) as part of the consolidation of SocGen’s banking assets, Rosbank said in a statement quoted by RIA Novosti.
The Board of Directors of Rosbank recommended at its Friday meeting that shareholders approve the lending institution’s reorganization through the takeover of BSGV. Apart fr om this, the lender’s BoD set the price to buy out stocks from Rosbank shareholders who object to the merger at Rub 95.00 per common non-documentary share.
For the record, in February 2010 SocGen and Interros agreed to bring their Russian banking assets under one roof. Two universal banks, Rosbank and BSGV, were planned to be folded into a single structure with two independent brands to be retained. Two other Russian subsidiary banks of SocGen — DeltaCredit and Rusfinance Bank — will become wholly owned subsidiaries of the new company. This January Rosbank bought from its major shareholder, Societe Generale Group, 100% of Rusfinance Bank and DeltaCredit, completing one of the group’s consolidation procedures.
On December 15, 2010 the Bank of Russia registered Rosbank’s report on the additional share issue as part of its merger with other Russian subsidiaries of SocGen (Rusfinance Bank and DeltaCredit). After the additional share issue SocGen’s interest in Rosbank reached 71.99%, that of VTB Capital came to 11.13%, VTB Bank’s stake equaled 0.78%, Pharanco Holdings Ltd. (owned by Interros Group) holds 6.6% and ICFI (Cyprus) Lim ited owns 7.43%.
