B&N Bank's reorganization has got under way by taking over B&N Bank Smolensk, B&N Bank Surgut, Krasnoyarsk-based Bank Kedr and B&N Bank Tver. The Bank of Russia's press service published the relevant press release on Thursday.
As the media wired, decisions to fold these four banks into B&N Bank were approved at the end of last week.
To remind, B&N Bank Smolensk is former SKA-Bank, B&N Bank Surgut was once Akkobank, and B&N Bank Tver is ex-Tveruniversalbank. B&N Bank was authorized to turn them around in December 2014 together with Bank Kedr which, like them, was part of Rost Group and with Rost Bank, the group's parent bank.
The latter was reported to be under de-consolidation with B&N Bank. The Bank of Russia changed Rost Bank's rescuer in late 2015, approving instead of B&N Bank Mikail Shishkhanov, the beneficial owner of B&N Bank, who is also now Rost Bank's owner.
Moscomprivatbank (now operating as B&N Bank Credit Cards) became part of B&N Bank Group as part of rehabilitation procedures. Other acquisitions of B&N Bank Group include DNB Bank (now B&N Bank Murmansk), Uralprivatbank, MDM Bank and big leasing firm Europlan together with Europlan Bank.
Apart from Rost Bank, Shishkhanov himself (with no participation of B&N Bank) also owns Europlan (slightly more than half), Europlan Bank and still B&N Bank Murmansk (but it is planned to be taken under control of B&N Bank in the near future), while MDM Bank major beneficial owners are Mikail Shishkhanov and Mikhail Gutseriev who hold stakes in B&N Bank of 59.41% and 39.36%, respectively. The rest of the above banks are under full or primary control of B&N Bank itself.
On Wednesday, April 13, B&N Bank said that a board meeting was scheduled for Thursday, April 14, and the merger of B&N Bank and B&N Bank is on the agenda. B&N Bank did not disclose the results of its BoD meeting at the time when this article was posted.
