RIA NOVOSTI. Moscow-based Etalonbank is to merge with Orient Express Bank, headquartered in Blagoveshchensk. A decision to this effect was adopted by the boards of directors at both lending institutions, an Orient Express Bank representative told the news agency. “Given headline financials the merged bank will get into the Top 70 of Russian banks, its charter capital will top Rub 7.5 bln and aggregate assets will come to over Rub 45 bln. In terms of its operational network (more than 300 units in 130 large cities of Russia) the bank will become a Top 10 bank in the country," the representative pointed out.
According to the same source, procedural and other reorganization issues involving the lenders will be addressed at EGMs that will be held in Moscow and Blagoveshchensk this April. “Orient Express Bank’s EGM is scheduled for April 5 and the register of shareholders eligible to attend the EGM was closed on February 24. Etalonbank’s EGM date will become known in the days to come," the interviewee said.
Both lending institutions are controlled by Igor Kim, Alexander Bekarev and Alexander Taranov. Also, 19.9062% of Orient Express Bank shares are owned by its executive board chairman Sergey Vlasov and a 15% stake is in the hands of Cyprus-registered Reha Holdings Limited that is owned by investment fund Renfin.
