Avtobank-NIKoil and Ural-Siberian Bank announced Friday that they will merge in a year to create one of the country's largest banks
Published:
3 November 2003 y., Monday
Avtobank-NIKoil and Ural-Siberian Bank announced Friday that they will merge in a year to create one of the country's largest banks, following a sell-off of a UralSib stake that analysts are flatly calling rigged.
NIKoil Financial Corp., the parent company of Avtobank-NIKoil, is conducting a due diligence study of Ufa-based UralSib, and UralSib will return in kind by January, the two banks said Friday.
NIKoil president Nikolai Tsvetkov told reporters that the combined bank would have 500 offices across the country, a figure close to that of Rosbank-OVK -- a bank formed in July when Rosbank's owner, Interros, bought Pervoye OVK bank for $200 million.
The planned merger could create "the second-biggest branch network in Russia," after Sberbank, said Andrew Keeley, banking analyst at Renaissance Capital. But like other analysts, he qualified his comments: "It's still a long way off. Seems premature to be talking about it now."
What Hainsworth was referring to was a confirmation Friday from the two banks that a NIKoil affiliate won a 14 percent stake in UralSib from the Bashkir government on Wednesday. Earlier, NIKoil had publicly denied it planned to bid.
Šaltinis:
themoscowtimes.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
European Commission Vice-President Siim Kallas, responsible for transport, today presented to the College a preliminary assessment of the economic consequences for the air transport industry of the volcanic ash crisis.
more »
Boosting economic recovery, investing in Europe's youth and in tomorrow's infrastructures are the priorities of the 2011 draft budget adopted by the Commission on 27 April 2010.
more »
European Competition Commissioner Joaquín Almunia welcomes proposed commitments by Visa Europe to significantly cut its multilateral interchange fees (MIFs) for debit card payments.
more »
Because of the Icelandic volcano, flower growers in Colombia couldn't get their stems to markets in Europe.
more »
The Second Vice President of the Spanish government and Minister of Economy and Finance, Elena Salgado, on Sunday played down the importance of apparent fissures within the EU concerning the Greek financial crisis, expressing her confidence that all countries would support the aid package for this country, which will be accompanied by a tough budget-tightening plan.
more »
Commission launches an information campaign on the CE conformity mark - designed to ease the free movement of goods around Europe and protect consumers.
more »
If Europe's airports ever open again the introduction of new security measures like body scanners will be expensive.
more »
After Eurozone Finance Ministers agreed measures to address Greece’s financial woes last Sunday, MEPs quizzed leading economic figures, including the chairman of Goldman Sachs - former financial advisors to the Greek government - on how to strengthen EU economic governance and improve reporting of national statistics.
more »
The European Tourism Stakeholders Conference, being held in Madrid today and tomorrow, will explore ways and means to strengthen the visibility of tourism at a European level and to verify how the actions to promote a competitive EU tourism industry.
more »
The European Bank for Reconstruction and Development (EBRD), World Bank Group member IFC, and The Netherlands Development Finance Company (FMO) have joined up with the Asia Debt Management Hong Kong (ADM Capital) to establish a regional fund to invest in midsize companies facing financing difficulties as a result of the financial crisis.
more »