At an annual general meeting of Volgoprombank’s shareholders, which was held on June 25, the shareholders decided to fold the lending institution into banking group Promsvyazbank, the latter’s press service reported. As part of Promsvyazbank’s regional expansion strategy a transaction was closed last autumn whereby Promsvyaz Capital B. V. (owns 84.68% of Promsvyazbank) bought 95.07% of Volgoprombank.
The formation of the banking group will enable the group’s members to widen the range of the services offered to customers, and also lower expenses and enhance corporate governance standards, the press release said.
According to the data from news agency Banki.ru and Interfax-CEA, Promsvyazbank ranks 11th among Moscow banks, with net assets equaling Rub 283.53 bln (12th place in Russia). Beneficial owners of the bank are brothers Dmitry and Alexey Ananiev. Volgoprombank is in 309th place among Russian banks in terms of net assets (Rub 4.01 bln). Both lending institutions are members of the national deposit insurance system.
