Zenit Business Bank is to launch its reorganization through the takeover of Bank Zerich, the PR department of the Central Bank of Russia said in a statement.
Zenit Business Bank was established in 1995. In March 2010 co-owner of Zerich Financial Group Vladimir Nefedov bought a controlling stake (73.6%) in the bank, after which the lending institution became part of the financial group. The remaining 26.4% is controlled by the bank’s current board chairman Anatoly Pritula. Turning the acquired bank into a hub, the group plans to roll out retail business (Bank Zerich, opposed to Zenit Business Bank, holds no license to attract private deposits). Based on Banki.ru data, as of May 1, 2011 the bank’s net assets stood at Rub 400 mln (858th in Russia), capital (calculated in line with CBR requirements) totaled Rub 90 mln, the credit portfolio amounted to Rub 320 mln and obligations to households equaled Rub 170 mln.
Based on Banki.ru data, as of May 1, 2011 Bank Zerich’s net assets stood at Rub 840 mln (736th in Russia), capital (calculated in line with CBR requirements) totaled Rub 270 mln and the credit portfolio amounted to Rub 320 mln.
