At an August 24 meeting the board of directors at Orient Express Bank will consider issues related to the lending institution's reorganization by taking over Uniastrum Bank, the bank said in a press release.
Also, on the meeting's agenda is to submit the bank's reorganization by taking over Uniastrum Bank to the extraordinary shareholders meeting for consideration, and also to approve a draft agreement on Uniastrum Bank's takeover by Orient Express Bank.
"A joint working group formed by Uniastrum Bank and Orient Express Bank reviewed and assessed various scenarios, terms, compatibility and 'completability' of our banks. As a result, we have mutually come to a conclusion that the merger will be mutually beneficial and efficient for both banks, and confirmed to the shareholders that this deal is feasible," Uniastrum Bank management board chairwoman Alla Tsytovich emphasized, adding the merger would provide Uniastrum Bank with direct access to SMEs and broad growth potential for its competence in all regions thanks to Orient Express Bank's broad network.
"We are glad that our shareholders made arrangements in principle to take the banks under one roof because we'll be able to roll out and solidify SME operations with the help of Uniastrum Bank's experience. This is the first step towards the establishment of a backbone bank for SMEs all across the country," Orient Express Bank management board chairman Alexey Kordichev noted.
Earlier the Federal Anti-Trust Service considered and approved a request to fold Uniastrum Bank into Orient Express Bank. The service said that as a result of the merger BoC Russia (Holdings) Ltd., the owner of Uniastrum Bank, would be entitled to dispose 40.01% of Orient Express Bank voting shares.
