OREANDA-NEWS.  On 04 June was announced, that the shareholders of JSB ORGRESBANK decided at a General Meeting on changing its name to Nordea Bank OJSC.  The relevant amendments will be made to the Articles of Association of the  Bank.

The timing of the name change is due to Nordea in December 2008 acquiring a 17.7% stake in ORGRESBANK from two managing shareholders and the European Bank for Reconstruction and Development. Scheduled for this September in Moscow, the name change will cover all 15 regions of the bank’s presence by the yearend.

As part of the name change all branch offices will be redesigned, the external and internal documentation replaced and the new web-site created. All the customers, both household and corporate, will be duly notified as to the exact date..

ORGRESBANK will not develop its own new corporate style but instead incorporate the Nordea practice underscoring its full integration into the Nordea Group. Nordea’s symbol is recognized in the countries of its presence as its company name together with a sail, representing a ship sailing forward.

"We started thinking about changing the name as far back as in 2007, after the completion of the deal with Nordea, which acquired a 75.01% holding in ORGRESBANK. Over these two years of being part of the group, the bank has introduced all the changes requisite for being fully in line with the Group’s standards, accompanied by a substantial business growth. We have strengthened our positions on the market for the largest corporate customers, posting an over 2-fold increase in our assets up to 170.8 billion rubles within a mere year and doubling the number of our regional branches. We have maintained the best practice of dealing with customers and incorporated the experience and possibilities of our new shareholders", - comments Chairman of the Managing Board of JSB ORGRESBANK, Igor Kogan.

"Nordea sets high and ambitious expectations for the Russian market. Last year despite the crisis our business growth in Russia exceeded the forecasts. Nordea has everything what it takes for its Russian business expansion", - according to Tomas Neckmar, Executive Vice President and Head of New European Markets Nordea Bank AB.