OREANDA-NEWS. December 19, 2014. The acquisition transactions will be made in the framework of the financial rehabilitation of Rost Bank, Kedr Bank, Akkobank, SKA-Bank  and Tveruniversalbank.

The banks will be acquired at a symbolic price. At the same time the Deposit Insurance Agency (DIA) will provide financing totaling RUB 35.9 billion to support the rehabilitation process of the Rost Group banks. RUB 18.4 billion of this amount will be provided for a term of 10 years at 0.51% p.a. and RUB 17.5 billion will be provided for a term of 6 years at 6.01% p.a. (to support a liquidity profile).   

The purpose of acquisition of the Rost Group banks is to expand the retail business, regional presence and client base of B&N Bank. The total amount of retail deposits attracted by five banks is RUB 70 billion; the total branch network accounts for more than 240 offices and ATM network of more than 440 devices.  

B&N Bank ensures the due fulfillment of all financial obligations of the acquired banks to their depositors and creditors.  

It should be recalled that on November 28, 2014 the Central Bank of the Russian Federation announced about the financial rehabilitation of the Rost Group banks and assigned DIA as a temporary administrator. The decision was taken in order to protect the interests of creditors and depositors of the Rost Group banks.