The boards of directors of ETALONBANK and MASS MEDIA BANK, both operating in Moscow, have approved the decision to merge by affiliating MASS MEDIA BANK to ETALONBANK. Both banks are members of the URSA group. ETALONBANK is to double its balance sheet total to R20 billion this year. The capital will grow to R2.0b and the profit will reach R285m. The united bank will operate as a universal bank focusing on lending to small and mid-sized businesses and syndications in the Central Federal District.
Source: KLERK.RU, July 27, 2007
