Sotsinvestbank launched a reorganization procedure in the form of taking over Russian Bank for Business Cooperation, the Bank of Russia’s PR department reported.
A decision to reorganize the bank was taken on March 22, 2013 by the bank’s sole shareholder and on April 26 by Sotsinvestbank’s annual general meeting.
As the media previously reported, on May 5, 2012 Russian Bank for Business Cooperation got back its banking license that was revoked in April 2009. In summer 2009 the bank turned from a limited liability company into a closed joint stock company. The lending institution operated with no right to draw retail deposits and remained outside the national deposit insurance system. Meanwhile, Sotsinvestbank holds a license to draw retail deposits.
