PRIME-TASS. On December 30, 2008 Promsvyazbank acquired a 51.3102% interest in Yaroslavl Commercial Bank for Social Development (Yarsotsbank), Promsvyazbank said in a press release. Earlier Promsvyazbank held no shares of Yarsotsbank.
As wired earlier, consolidation actions gained approval and support from the Central Bank of Russia in October 2008. Integration of the regional bank will be carried out in order to stabilize operations amid the financial crisis and execute promising investment projects in the region. Yarsotsbank was provided with state support designated for socially significant regional banks that lend real sectors of the national economy. Funds provided serve as guarantee for Yarsotsbank to fully fulfill its obligations to clients and counteragents in the future. Governmental funds were lent through Promsvyazbank.
