RIA NOVOSTI. The Bank of Russia announces the beginning of a procedure to fold Bank Societe Generale Vostok (BSGV) into Rosbank (both lending institutions are part of French financial group Societe Generale, SосGen), the regulator said in a press release quoted by RIA Novosti. “The PR Department of the Bank of Russia … reports the beginning of Rosbank’s reorganization in the form of BSGV’s takeover," a press release said.
Rosbank’s shareholders approved a merger with BSGV at an extraordinary meeting held on April 15. The EGM also approved Rosbank’s charter in the new edition and adopted decisions on other issues related to the reorganization.
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 fr om 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 a report on Rosbank’s additional share issue that was performed as part of its merger with other Russian subsidiary banks of SocGen (Rusfinance Bank and DeltaCredit). After the SPO SocGen’s interest in Rosbank equals 71.99%, VTB Capital’s holding is equal to 11.13%, VTB Bank’s equity stake amounts to 0.78%, Pharanco Holdings ltd. (owned by Interros Group) holds a 6.6% interest and ICFI (Cyprus) Lim ited controls 7.43% of Rosbank.
