Etalonbank Unites With Orient Express Bank Under The Common Brand
2009.02.25
On February 24, 2009 Orient Express Bank Board of Directors and on February 25, 2009 Etalonbank Board of Directors made a decision to merge Etalonbank with Orient Express Bank. After the transaction the combined bank will continue operating under the Orient Express Bank's brand.
Business consolidation is the part of the banks' shareholders strategy and aims on creation of a large private universal Bank of national level.
Orient Express Bank and Etalonbank are mutually complementary from the point of view of business structure as well as geographic distribution. Etalonbank is a universal bank that develops its network in the Central Federal District and has traditionally stable corporate client base consisting of small and medium size enterprises. Orient Express Bank is a bank that has well-developed branch network in the Russian Far East, Siberia and North-West Russia and is focused on consumer lending.
As a result the Combined Bank will enter TOP-70 of the largest banks in Russia with the following principal indicators: capital - about 7.5 billion Rubles and aggregate assets - about 45 billion Rubles. Following the merger Orient Express Bank will have extensive individuals and legal persons' passive base and high-yielding credit portfolio. It will enter TOP-10 Russian Banks by branch network (more then 300 points of sale in 130 biggest cities of Russia). Diversified, high-performing bank with clear management system will get all the means for its further development and its goals achievement.
Orient Express Bank (former Dalvneshtorgbank) was established in 1991 in Blagoveschensk as a subsidiary of Vneshtorgbank. It has CBR License No. 1460.
Since mid-2005, the Bank positions itself as a retail bank and has its presence in the majority of cities in the Russian Far East and East Siberia. With the new strategy, the bank's name was also changed to Orient Express Bank since February, 2006 with the decision of General shareholders meetng.
Today Orient Express Bank is the leading retail Bank in the Russian Far East and East Siberia. The Bank has also opened its offices in the western part of Russia
Orient Express Bank is a member of Endowment Insurance Agency (EIA) and EIA Payment Agent of insurance compensation.
Orient Express Bank was assigned B3/EP/N+ rating by Moody's on February, 2007. RusRating Agency assigned to Orient Express Bank "BB" rating on February 2009.
Orient Express Bank
Tel.: (4212) 41-38-60
E-mail: Press-service@express-bank.ru
Etalonbank (former Zheldorbank) was established in 1989 and today is a sound universal bank with CBR General License No. 99.
In March 2006 Mezhtorgbank was jointed to the Bank.
In June 2007 the reorganization of Zheldorbank by way of merger with Etalonbank was completed. At the same time the change of legal name to Etalonbank took place.
In November 2007, Etalonbank merged with Mass Media Bank.
Etalonbank has well-developed network in Central Federal District.
Etalonbank is a member of Endowment Insurance Agency (EIA).
Etalonbank has creditworthiness ratings assigned by domestic rating agencies "RusRating" (BB-) and "Expert RA" (B++) on December 2008 and February 2009 respectively.
Etalonbank
Tel.: (495) 780-51-00
E-mail: pr@etalon.ru
