Life Group took a decision to spin off Bank24.ru and bureau of financial solutions Poidem! Into a separate holding. They will form a new entity together with Development Plus and Perspektivnaya nedvizhimost, Uralbusinessconsulting reported, citing a quarterly report released by Probusinessbank, a member of Life Group.
The goal of this operation is to separate innovative activities that differ by nature and risks from the group’s ones. This will enable executives to focus on the group’s core banking activities, Life Group said in a press release.
The banks’ assets and liabilities were presented as terminated activities designed for the sale. The report also specified that funds provided by the group since the completion of the rehabilitation program in 2011 cost Banki24.ru Rub 580 mln in interest payments. And Bank Poidem! also owes Rub 345 mln to the group.
The group’s executives and shareholders approved a plan to spin off subsidiaries back in late December 2012. For the record, financial group Life is comprised of Probusinessbank, Express-Volga, Bank24.ru, Bank Poidem!, National Savings Bank, VUZ Bank and Gazenergobank. Furthermore, the group also includes a leasing firm and a factoring company, and a debt collection agency.
