OREANDA-NEWS. August 04, 2014. The Supervisory Board of Bank Saint Petersburg passed a resolution to convene an extraordinary General Shareholders' Meeting on September 30, 2014 to review the issue of consolidating Bank Evropeisky with Bank Saint Petersburg.

Bank Saint Petersburg completed the transaction involving the acquisition of a 100% interest in Bank Evropeisky on February 10, 2014. "The consolidation of Bank Evropeisky is in line with our strategy to scale and apply the efficient business model of our bank in the Russian North-West," says Mr. Alexander Savelyev, Chairman of the Management Board of BSPB. "We are very satisfied with the transaction we closed early in this year. Bank Evropeisky is showing good results. Completion of the corporate action to consolidate it will allow Bank Saint Petersburg to increase its equity for future business expansion and create a synergistic effect due to, among other things, active business growth in the Kaliningrad region." Bank Evropeisky operates as a subsidiary of Bank Saint Petersburg, while there are plans to further reorganize it as Evropeisky Branch of BSPB. The equity of Bank Evropeisky as of July 1, 2014 amounts to RUB 1.4 bn, the bank has nearly 35,800 retail and 8,800 corporate customers.

Another important decision made by the Supervisory Board of Bank Saint Petersburg was to start working on the Bank's Dividend Policy as proposed by Alexey Germanovich, an independent director representing the Bank's minority shareholders on the Supervisory Board.

As part of the actions taken to complete the improvement of the corporate governance system, the Supervisory Board approved the Regulations on the Supervisory Board Committees revised to comply with the best international practices and recommendations of the new Corporate Governance Code. The Bank's updated committee list includes the Corporate Governance Committee, Human Resources and Remuneration Committee, Audit Committee and Risk Management Committee.