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M&A: Bank Saint-Petersburg starts takeover of EVROPEISKY ICB

The Supervisory Board of Bank Saint Petersburg made a decision to convene an extraordinary meeting of shareholders on September 30, 2014 and to submit the takeover of Bank EVROPEISKY for their consideration, Bank Saint Petersburg informed.

Also, the Supervisory Board of Bank Saint Petersburg made a decision to start developing the bank's dividend policy at the initiative of independent director Alexey Germanovich who represents minority shareholders on the Supervisory Board.

Bank Saint-Petersburg completed the acquisition of 100% of EVROPEISKY ICB (CJSC) on February 10, 2014.

EVROPEISKY ICB currently operating in the market as a subsidiary of Bank Saint-Petersburg OJSC will later be restructured as a branch of Bank Saint Petersburg under the name Evropeisky (European). As of July 1, 2014, EVROPEISKY's equity capital was RUB 1.4 billion, the bank provides services to 35.8 thousand private and 8.8 thousand corporate customers.

Bank Saint-Petersburg OJSC (tax number: 7831000027) is a universal commercial bank established in 1990 which is focused on supporting the real sector of economy. Its Board Chairman Alexander Savelyev owns 21.7% of the bank's shares, the bank's management team 50.13% in aggregate, the stake held by the EBRD is 5.49%.

IFRS net profit of Bank Saint-Petersburg for Q1 2014 grew by 55% to RUB 1.7 billion ($47 million, including RUB 119 million in net profit earned by EVROPEISKY ICB). Revenue increased by 25.4% to RUB 5.2 billion ($145 million). Net interest margin increased by 37% to RUB 4.1 billion ($115 million).

RAS net profit of Bank Saint-Petersburg for H1 2014 grew 3-fold to RUB 3.1 billion. Net interest margin grew by 48.4% to RUB 8.5 billion, net commission income by 14.6% to RUB 1.4 billion, funds of physical persons by 2.7% to RUB 120.3 billion. As of July 1, 2014, the bank's equity capital stood at RUB 49.3 billion. At the end of H1 2014, the bank's assets totaled RUB 442.6 billion (+6.6%).

"AK&M", 06.08.2014


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