Shareholders of Russia’s National Bank TRUST and the Investment Bank TRUST officially announced the merger of the two banks. Ilya Yurov, chairman of the boards of directors and the principal shareholder of both Russian banks, said that the merger would be finalized by the second quarter of 2008. The Investment Bank TRUST will legally merge with the National Bank TRUST. Shareholders anticipate the united bank’s balance sheet total to exceed R120 billion, while own funds will reach R16b. These parameters will enable the bank to be rated among the top 20 Russian banks. Experts say the merger will not only help the united bank enhance its business efficiency but also make it even more appealing for potential investors.
As of April 1, 2007, the National Bank TRUST ranked 39th among Russian banks in terms of net assets (R47.3b) and 62nd in terms of equity capital (R3.9b). The Investment Bank TRUST was 80th (R20.9b) and 51st (R5.3b), respectively, as of the same date.
Source: WWW.KOMMERSANT.RU, July 18, 2007
