OREANDA-NEWS. On December 02, 2008 Alfa-Bank announced that it will buy a controlling stock in Severnaya Kazna, one of the leading banks in the Urals region. In cooperation with the Russian Central Bank and the State Agency for Deposit Insurance, Alfa-Bank will work to strengthen Severnaya Kazna’s position in the Urals banking market, reported the press-centre of Alfa-Bank.

As the largest private bank in Russia, Alfa-Bank will do whatever is needed to ensure that Severnaya Kazna’s obligations to its retail and corporate customers are met in full. In addition, Severnaya Kazna’s customers will have access to all products offered by Alfa-Bank, most of which are unique not only in the region, but in the Russian banking market as a whole.

Rushan Khvesyuk, chairman of Alfa-Bank’s executive board, said: "Though it is much smaller, Severnaya Kazna’s guiding principles are similar to those of Alfa-Bank. Like Alfa, Severnaya Kazna focuses on providing high-quality and efficient service to its customers. We share Severnaya Kazna’s philosophy of becoming the market leader through professionalism and constant quality improvement. From this perspective, the acquisition makes sense to us. From a practical standpoint, it will allow us to strengthen our presence in one of the most industrially developed regions of Russia. I am confident that Severnaya Kazna’s customers, both retail and corporate, will only benefit from this deal".

Vladimir Frolov, Severnaya Kazna’s chairman, said: "Alfa-Bank’s financial strength and influence are comparable with those of the country’s largest state banks. It is efficiently run and tailors its operations to the needs of its clients. I appreciate Alfa-Bank’s willingness to guarantee Severnaya Kazna’s obligations to our customers. I would also like to assure Severnaya Kazna’s customers that Alfa-Bank will be a reliable partner, as demonstrated by its ability to weather difficult situations in the past".