OREANDA-NEWS. December 26, 2007. The Central Bank of the Russian Federation has registered a change of name of CB "Sochigazprombank" (LLC), a member of Banking group ZENIT, the press service of ZENIT reported. The new official name is Bank ZENIT Sochi (Limited Liability Company).

The alteration of name took place subject to the concept of regional development of Bank ZENIT. The share in the charter capital of "Sochigazprombank" (more than 85%) was acquired by Bank ZENIT in January 2007. Thereafter, the share of participation of the Bank in the charter capital of the subsidiary organization increased up to 97%.

"Acquisition of Bank ZENIT Sochi is an important step towards realization of the strategy of promotion of the Banking group brand in the new region," remarked Vladimir Padanin, a member of the Management Board of Bank ZENIT. "In the course of regional banking network development the essential point is to find the optimal solution of the following question: how to promote banking products and services successfully and, as a consequence, how to draw new customers in the given region. The factor of high importance, to our opinion, is effective use of the Bank's brand. The brand is one of the main marketing instruments. It is the medium giving to the customers information on the quality of products and services to be furnished. I'm sure that, applying the experience accumulated by the Banking group and actual technologies of servicing, Bank ZENIT Sochi will successfully promote our services in this promising region," he underlined.

OJSC Bank ZENIT (www.zenit.ru) is one of the leading private financial institutions in Russia. The major line of business activity is full banking servicing of corporate customers based on advanced banking technologies. Bank ZENIT is currently rated Bа3/Stable by Moody's and B/Positive by Fitch.

Apart from Bank ZENIT, the following banks are the members of the Banking Group:

JSB "Devon-Credit" (OJSC) - established in 1992; one of the leading retail and corporate banks in the Republic of Tatarstan.

OJSC "Lipetskkombank" started its commercial activity in 1964 as a municipal branch of the State Bank of USRR. In 1990 it was registered as a commercial bank for social development and construction "Lipetskkombank". The priorities of business activity of the bank are comprehensive servicing of corporate customers and active development of retail banking business.

Bank ZENIT Sochi (LLC) was established in 1990; focused on servicing of all categories of customers, from individuals to large industrial companies.

Subject to the consolidated statement of the Banking group for the 1st half-year 2007, made in accordance with IFRS, the equity capital of the Banking group amounts to $675 mln, the assets amount to $5,53 bln.