RIA NOVOSTI. On Wednesday the Bank of Russia announced the beginning of a procedure where the largest Russian private bank — Alfa-Bank — will take over its subsidiary, Severnaya Kazna. Relevant information was published by the PR Department of the Bank of Russia, RIA Novosti wires.
“The Department…in accordance with the requirements of the Federal Law “On Banks and Banking Activity” reports about the beginning of the reorganization procedures of lending institutions in the form of Severnaya Kazna’s takeover by Alfa-Bank," the regulator said in a press release.
At a March 22 extraordinary meeting Alfa-Bank shareholders decided to fold Severnaya Kazna into the lending institution. The shareholders approved the takeover agreement, the creditor notification procedure and made relevant amendments to Alfa-Bank’s charter.
For the record, in December 2008 Alfa-Bank bought a 75.01% stake in Urals-based lender 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 by regulatory authorities.
