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
On 11 February, heads of state or government of European Union member states will meet in Brussels to seek a commitment towards implementing a revitalised economic strategy to boost employment and growth in the EU.
more »
International Monetary Fund forecasts that Lithuania’s economy will grow 1.6 % this year, making it “the only one of the three Baltic economies expected to be in the positive territory in 2010”.
more »
Raynair announced it would open its 40th and 1st Central European base at Kaunas, Lithuania’s second largest city, in May with 2 based aircraft and 18 routes.
more »
A new Partnership Strategy for Morocco has been approved by the Board of Executive Directors of the World Bank.
more »
The electric car is an opportunity for European industry.
more »
The EBRD’s Board of Directors has adopted a new strategy for Kazakhstan, which reinforces the Bank’s commitment to further support the Kazakh economy and sets out the priorities for its activities in the country over the next three years.
more »
The European Commission has authorised, under EU state aid rules, plans notified by Sweden to provide a guarantee that would enable Saab Automobile AB to access a loan from the European Investment Bank (EIB).
more »
At the informal meeting of the Ministers of Competitiveness (Science and Industry), to be held between 7 and 9 February in San Sebastian, the issues on the table will include placing science at the top of the EU agenda and showcasing its role in economic recovery, as well taking the debate on the electric vehicle to EU level.
more »
The Executive Board of the International Monetary Fund (IMF) today approved a 27-month Stand-By Arrangement with Jamaica in the amount of SDR 820.5 million (about US$1.27 billion) to support the country’s economic reforms and help it cope with the consequences of the global downturn.
more »
Mr. Nadeem Ilahi, chief of an International Monetary Fund (IMF) staff mission to the Kyrgyz Republic, issued the following statement today in Bishkek.
more »