Bank Société Générale Vostok to merge with Rosbank

20 April 2011 (09:25)

The stockholders of AKB Rosbank decided in the course of an extraordinary general meeting that the bank should get reorganized through a merger with Bank Société Générale Vostok.

The decision was made on April 15, 2011, and the Bank of Russia’s Moscow division must be notified within three working days of the general meeting.

The proposal was first made by Rosbank’s Board of Directors. Both banks belong to the French group Société Générale; according to the group’s report, its Russian assets – Rosbank, Bank Société Générale Vostok, Rusfinance Bank, and Delta Credit – were only a cause of ?35m worth of losses for the parent enterprise.

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