Igor Kim, the major shareholder and board chairman of the Novosibirsk-based URSA BANK, has bought a 59% stake in ROSTPROMSTROIBANK of Rostov-on-Don. URSA BANK already controls the YUZHNY REGION bank in Rostov-on-Don. Experts find the new investment justified in light of intensive regional development in preparation for the 2014 Olympic Games. According to experts, a fairly modest deal of $7.0 million or $8.0m may bring sizable profits, given good growth dynamics registered in Southern Russia over the past few years. As of April 1, 2007, URSA BANK ranked 22nd in equity (R12.5 billion) and 20th in net assets (R110.2b). As a result of a merger of Novosibirsk-based SIBACADEMBANK and URALVNESHTORGBANK of Yekaterinburg in 2006 an URSA BANK alliance was formed of the Moscow-based ETALONBANK, ZHELDORBANK and MASS MEDIABANK, the VOSTOCHNY EXPRESS (Orient Express) bank of Blagoveshchensk and the YUZHNY REGION bank.
Source: WWW.KOMMERSANT.RU, July 10, 2007
