KOMMERSANT. Sotsinvestbank, the biggest lender in the Republic of Bashkortostan that has operated since 1990, will be reorganized through the takeover of Moscow-based Russian Bank for Business Cooperation. This decision was taken by the Bashkir lending institution’s shareholders at an EGM. According to the bank’s press service, the shareholders also adopted staff-related decisions, approving a new lineup of Sotsinvestbank’s BoD to be chaired by elected CEO Sergey Tabolin.
According to the newspaper, currently the owner of the largest stake in the bank, of Sotsinvestbank itself and of Russian Bank for Business Cooperation is Tabolin (specifically, he holds more than 19% of the Bashkir bank’s shares). As some market participants believe, through the merger the Moscow-based lender has solved the problem it has worked on in the past 12 months. Russian Bank for Business Cooperation attempted to convince the court in a lawsuit against the Central Bank of Russia to get the right to enter national deposit insurance (DI) system. Sotsinvestbank was the first among Bashkir lenders to gain DI membership (October 2004).
