Bank Saint Petersburg will go through reorganization by taking over Kaliningrad-based Bank Evropeisky. Bank Saint Petersburg shareholders decided so at an extraordinary shareholders meeting last week.
Specifically, 98% of the votes cast were positive, the bank reports.
The acquisition of a 100% stake in Bank Evropeisky for around $79 mln (based on media reports) was wrapped up this February. A number of individuals sold the bank’s shares. Bank Saint Petersburg intends to command over 10% of the banking services market in Kaliningrad and the Kaliningrad region. For the time being, Bank Evropeisky operates as a subsidiary of Bank Saint Petersburg. Longer term, the lender is planned to be turned into Bank Saint Petersburg’s branch, while retaining the Bank Evropeisky brand.
