OREANDA-NEWS. March 05, 2011. Eurasian Bank JSC is pleased to announce the completion of the merger with LLP MCO ProstoKredit. The agreement with Societe Generale (the former owner of ProstoKredit) provides for non-disclosure of the amount and terms of the settlementб reported the press-centre of KASE.

The transaction was completed on 21 February, 2011.

According to the terms of the agreement the non-defaulted credit portfolio will be immediately absorbed into the balance sheet of Eurasian Bank. The full integration of the newly acquired ProstoCredit business into the Bank's structure (including the organizational model, sales system and information platform) will be completed over time. ProstoKredit is currently designated as a retail business of Eurasian Bank and operates as a separate and independent legal entity. At the same time Eurasian Bank provides full funding to ProstoKredit for both ongoing transactions and scheduled increase in lending.

The acquisition comes as part of Eurasian Bank's strategy to transform the bank into a modern full-service financial institution. The program targets both corporate and retail banking markets.

"This transaction is transformational to our retail business in terms of the 300,000 plus new clients, the regional business platform and the many POS locations which will further enhance the Eurasian Bank brand in the eyes of our shareholders, investors, partners and clients," said Michael Eggleton, Board Chairman of JSC Eurasian Bank.