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Friday, February 28, 2020

BSPB to review consolidation with Bank Evropeisky

Bank Saint Petersburg's (BSPB) supervisory board passed a resolution last week convening an extraordinary general shareholders' meeting on Sept. 30 to review consolidating Bank Evropeisky with BSPB.

BSPB's transaction to acquire 100 percent interest in Bank Evropeisky passed on Feb. 10, according to a Bank Saint Petersburg press release.

"The consolidation of Bank Evropeisky is in line with our strategy to scale and apply the efficient business model of our bank in the Russian North-West," Alexander Savelyev, the chairman of the BSPB's management board, said. "We are very satisfied with the transaction we closed early in this year. Bank Evropeisky is showing good results. Completion of the corporate action to consolidate it will allow Bank Saint Petersburg to increase its equity for future business expansion and create a synergistic effect due to, among other things, active business growth in the Kaliningrad region."

Plans have been discussed to reorganize Bank Evropeisky, currently operating as a subsidiary of BSPB, as the Evropeisky branch of BSPB.

Bank Evropeisky has equity of $31.9 million as of July 1 and boasts approximately 35,900 retail and 8,800 corporate customers.