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Biggest Merger of Banks Set Into Motion
The biggest holders of MDM Bank and Ursa Bank Sergei Popov and Igor Kim respectively are setting up a united bank holding that will emerge as one of the major private financial holdings in Russia, Interfax reported citing the official statement of both banks.
In the first move, the shares of holders of MDM Bank and Ursa Bank will be contributed to the united holding. The actual consolidation will probably take place in late 2009 or early 2010 and the banks will proceed with their independent businesses until that time.
MDM Bank BOD Chairman Oleg Viyugin will chair the new bank’s BOD, and Ursa Bank BOD Chairman Igor Kim will head its board. Exactly Kim will be in charge of the integration. The current head of Ursa Bank Board, Igor Kuzin, will take the GD’s office in the new holding, Reuters reported.
The united bank will have 72 billion ruble in capital, emerging, in this indicator, as the biggest private financial structure in Russia. The assets will exceed 520 billion ruble, which will make it the country’s second provided the government’s banks and nonresident banks aren’t taken into account. The bank will be the third in size of network, yielding the leadership only to the state-controlled Sberbank and VTB.
According to Vedomosti, no holder will have the majority ownership. Instead, Igor Kim and Sergei Popov will pari passu control the 65-percent stake in the bank. None of them may withdraw from the joint business during five years after consolidation.
Nowadays, Sergei Popov owns 77 percent in MDM Bank, while Igor Kim (35.5 percent) and EBRD (17.58 percent) are the biggest holders of Ursa Bank. Both banks are currently amid Russia’s 20 biggest banks in terms of the asset size.
www.kommersant.com
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