08/25/1998 13:10:22 Three top Russian banks to join in holding company
MOSCOW, Aug 25 (Reuters) - Three of Russia's leading banks,
Uneximbank, MENATEP <MNTP.MM> and Most Bank, are to form a joint
holding company in an effective merger, a source from one of the
three banks said on Tuesday.
The source said each bank would put 51 percent of its shares
into the holding company, which would be led by Uneximbank
president Mikhail Prokhorov.
The three banks said in a statement the first step of the
merger would be forming the holding company, which will
coordinate the work of each bank and work on the merger. The
merger is expected to be complete by the end of this year.
Each bank is to control one third of the shares of the
holding company. The size of each bank's stake in the final
merged bank will be calculated according to the worth of their
shares as established by an international audit.
Each of the banks will have three representatives on the
nine-member board of the new holding company. It has already
been agreed that Prorokhov will be the head of the holding while
the chairman will be named by the two other banks.
The statement added that the banks plan to ask foreign banks
and companies to advise on the merger.
((Moscow Newsroom, +7095 941-8520