The Federal Anti-Trust Service (FAS) reviewed a request to integrate KIT Finance into Absolut Bank and decided to satisfy it, said a press release posted on the anti-trust authority’s website.
Earlier in the week news broke that Russian Railways-controlled KIT Finance could be folded into Absolut Bank once the bank’s rehabilitation program is complete in 2014. “Folding KIT Finance into Absolut Bank in 2014 after the rehabilitation program is carried out in full is the most likely and logical scenario," said the lending institution’s press service told banking portal Banki.ru.
