Results of the meeting of shareholders: Industrialbank and Express Bank are merging
On August 1, 2017 the meetings of the shareholders of Industrialbank and Express Bank was held. The plan for the reorganization of the Express Bank and its merger to Industrialbank was approved. The composition of the Management Board of the Merged Bank was also determined.
The main issues discussed during the shareholders' meetings concerned the procedure for merging banks. The decision of the shareholders will be carried out the reorganization of the Express Bank with its accession to Industrialbank. Due to the simplified procedure defined by the Law of Ukraine "On simplification of procedures for reorganization and capitalization of banks", the process will be completed in a shorter period.
Mikhail Bukreev was elected Chairman of the Board of the Merged Bank. The composition of the Board will be formed of representatives of two banks. It will include: Vladislav Didovets, Artem Laznia, Vlad Verchenko, Inna Zavadskaya.
The equity of the merged bank will amount to UAH 1 billion 352 million, assets - UAH 4 billion 24 million, and the number of branches will increase to 125.
"We did a lot of work and now we have general principles of integration. The merger will be gradual and will include unification of procedures, improvement of products and services. We combine the best competencies and experience of the employees of Industrialbank and Express Bank to create a single bank-leader with a developed infrastructure that will become a reliable financial partner for its customers, "Mikhail Bukreev, Chairman of the Board of Industrialbank comments .
Industrialbank and Express Bank have a common group of shareholders. Rosa Dvoretskaya, Igor Dvoretsky and Anna Dvoretskaya own 70% of the authorized capital of Industrialbank, and Rose and Igor Dvoretsky own 80% of Express Bank share capital.
The approval of the reorganization plan was received from the NBU on July 14, 2017. Earlier, namely in November 2016, according to the decision of the NBU Committee on Supervision and Regulation of Banks' Activities, oversight of payment systems, a banking group was formed within Industrialbank, Express Bank and Zahid-Reserve Insurance Company.
Industrialbank (Zaporozhye), founded in 1990, is a universal Bank that provides a wide range of services to businesses, corporate and individuals. The financial reliability of the Bank is confirmed by the ratings of the independent rating agency Credit-Rating at the level uaA- with the forecast "stable" (June 27, 2017). The rating indicates a high level of creditworthiness of a financial institution compared to other Ukrainian borrowers or debt instruments.
Participants of Industrialbank are Rosa Dvoretskaya (citizenship of Israel, direct participation - 48.3457%, indirect participation-17.1844%); Insurance company with additional liability "Zahid-Reserve" (Ukraine, direct participation - 17.1884%); Dvoretsky IV (Ukraine, direct participation - 3.9979%); Dvoretskaya AN (Ukraine, direct participation - 0.3946%).
Express Bank (Kiev) was established in 1993. The bank's activities are aimed at providing various financial services to individuals and legal entities. The financial reliability of the bank was confirmed by the ratings of the agency "IBI-Rating" at the level of uaA- with the forecast "stable".