OREANDA-NEWS. November 28, 2008. B.I.N.BANK has acquired 76% of Bashinvestbank’s shares. Agreement on the deal was reached on November 21, 2008 with the support of CBR, National Bank of Bashkortostan and State Agency for Deposit Insurance, reported the press-centre of B.I.N.BANK.
 
Mikail Shishkhanov – President of B.I.N.BANK, points out that "Bashkortostan is a very attractive and perspective region with regard to business development. Bashinvestbank has a network of branches and sub-branches including ones in the major towns of the Republic as well as professional team of managers. Moreover, the bank is eager to develop in future and its aspiration aligns with our plans. We understand that the present situation in financial market enables B.I.N.BANK to implement its strategic plans to form a new business model of its operation. At the same time, we respect the interests of the second party as much as possible while we are entering the general agreement".

"Participation of such major and reliable federal institution as B.I.N.BANK in the capital of Bashinvestbank provides opportunities for further enhancement of partnership relations" - Vasily Peganov adds, who controls about 24% of Bashinvestbank’s shares.

Within a short period of time B.I.N.BANK has elaborated and submitted to CBR and Agency for Deposit Insurance its preliminary plan for rehabilitation of Bashinvestbank. In the nearest future B.I.N.BANK jointly with Agency for Deposit Insurance will specify and assert the final rehabilitation plan and Bashinvestbank will be able to proceed with work. All obligations to depositors and corporate customers of Bashinvestbank will be satisfied. Among priority tasks of B.I.N.BANK there are rehabilitation of Bashinvestbank’s liquidity and restructuring of the project loan portfolio. Furthermore, the strategic development plan of Bashinvestbank for 3-5 years shall be asserted and its capitalization shall be increased.