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.
- ASIAN DEVELOPMENT BANK: Registration Opens for ADB's 53rd Annual Meeting
- EUROPEAN INVESTMENT BANK: European Commission and EIB Group join forces to boost space sector investment with EUR 200 million of financing
- NATIONAL BANK OF UKRAINE: The National Bank has agreed on the terms and conditions of activity of Ukraine's Clear Junction international payment system
- INTERNATIONAL MONERTARY FUND: Andorra Applies for IMF Membership
- CONVERSE BANK - ARMENIA: Converse Bank "Became a Santa" for the Children of Artsvashen
- NIKOIL - RUSSIA: Information on the work of the bank from December 31, 2019 to January 8, 2020
- RAIFFESISENBANK - RUSSIA: Raiffeisenbank: New Year eager to donate to charity
- THE BLACK SEA TRADE AND DEVELOPMENT BANK: BSTDB Increases Support to Agribusiness in Ukraine
- EURASIAN DEVELOPMENT BANK: Eurasian Development Bank has collected applications for the issue of short-term bonds in rubles in the amount of 3 billion rubles
- ASIAN DEVELOPMENT BANK: ADB, XacBank Sign Private Sector Loan to Support MSMEs in Mongolia