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23/04/2014
15:03
M&A: Absolut Bank completes merger with KIT Finance IB

CB Absolut Bank has completed the merger with KIT Finance Investment Bank, Absolut Bank informed.

Since April 21, the merged bank has been employing the Absolut brand.

It will be recalled that the final decision to restructure Absolut Bank through the takeover of KIT Finance was made by the shareholders on December 30, 2013.

"Following the merger Absolut Bank intends to develop in all the regions of presence as a universal bank. The bank will prioritize corporate clients and medium-sized businesses, the retail sector (putting special emphasis on the mortgage lending), and the development of wealthy customer services," said Andrey Degtyarev, Chairman of the Management Board at Absolut Bank.

CB Absolut Bank (OAO) (tax number: 7736046991) established in 1993, is a universal bank. Its shareholder is OJSC United Credit Systems (an entity affiliated with non-state pension fund Blagosostoyanie). The bank is operating in 15 regions of Russia.

RAS net profit of Absolut Bank for 2013 (RAS) decreased 6 times year-on-year to RUB 372.633 million.


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