Expobank shareholders will review on March 20, 2015 an issue relating to the bank's reorganization through the takeover of MAK-Bank, the lending institution said in a press release.
The shareholders will have to approve a takeover agreement, and also procedures for giving creditors notice of the adopted decision on Expobank's reorganization and for sending notice about the beginning of reorganization to the Bank of Russia. The media wired in early March that Expobank acquired 84.66% of Yakutia-based MAK-Bank from diamond producer Alrosa.
"We continue our strategy of consolidating banking assets. Under the current market conditions this business model helps us bump up capital and expand our coverage area," Expobank management board chairman Kirill Nifontov commented on the deal.
