• ACI Russia

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


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