SibAcademBank and UralVneshTorgBank held a press conference called The New Banking Brand; New Name of SibAcademBank & UralVneshTorgBank in Moscow on September 21, 2006. The conference was devoted to the recent merger and re-branding, reports their spokesperson. The reports were presented by Chairman of SibAcademBank, Chairman of Supervisory Board of UralVneshTorgBank Igor Kim, Board Member of SibAcademBank, Chairman of ZhelDorBank Alexander Taranov, General Director of SibAcademBank Kirill Brel, the Director of Russia, Central Europe and Specialized Branches Business Group of European Bank for Reconstruction and Development Alain Pilloux, Chief Re-branding Consultant Thomas Gad, and Executive Director of BBDOBrandConsultancy Olga Konovalova.

The highlight of the conference was the announcement of the new name (URSA Bank) and the brand code (Be the best to stay loved!) of the bank.

‘It was crucial to us to keep the heritage of both banks in the new name which combines elements of the two old titles, since it united the power and experience of SibAcademBank and UralVneshTorgBank. URSA alludes to Ursa Major, with its North Star showing people the way. We are trying to bring people love, warmth, and care combined with professionalism and global development potential,’ said the spokesperson for the bank.

The company will have placed all the documents with the Central Bank of Russia before the end of the year and get registration at the end of 2006 or early in 2007. The headquarters will be located in Novosibirsk. The general shareholder meeting of SibAcademBank shareholders will take place on September 30, 2006, with the agenda covering the re-structuring issue.

The re-branding is estimated to cost $7 to 8m.