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Russian lenders Promsvyazbank and Vozrozhdenie plan to merge
September 15, 2017 / 8:46 AM / 2 months ago

Russian lenders Promsvyazbank and Vozrozhdenie plan to merge

MOSCOW, Sept 15 (Reuters) - Russian lenders Promsvyazbank and Vozrozhdenie plan to merge next month, Vozrozhdenie said in a regulatory filing on Friday.

Privately owned Vozrozhdenie will ask shareholders to back the merger on Oct. 26, the bank said.

Promsvyazbank, also privately owned, is Russia’s 10th largest lender by assets while Vozrozhdenie ranks 32nd, according to Interfax.

A Promsvyazbank spokeswoman said details of the merger have not yet been finalised.

The central bank last month took control of Russia’s biggest private bank by assets, Otkritie, after discovering a hole in its balance sheet worth up to $6.9 billion.

This week, the central bank added Credit Bank of Moscow to its list of systematically important banks, meaning it can count on state support if it runs into trouble.

There are 11 banks on the list, including Promsvyazbank.

Reporting by Katya Golubkova and Kira Zavyalova; editing by Jason Neely

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