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Simultaneously, Moody's Interfax Rating Agency affirmed BSGV's long-term
"Before the merger with BSGV, Rosbank's ratings had already benefitted
The legal merger of BSGV into Rosbank was finalised on 1 July 2011.
Moody's said that all obligations of BSGV had been transferred to Rosbank.
The merger of BSGV with Rosbank in mid-2011 shouldfavor the latter's further integration into Societe Generale group.
Similar fines were imposed on VTB 24 (RUB 700,000) and BSGV (RUB 500,000).
Following the deal, Rosbank (MCX:ROSB) and Banque Societe Generale Vostok (BSGV) will be integrated into one bank, while loan providers Rusfinance and Delta Credit will become its fully-owned subsidiaries.
Following the agreement, currently pending regulatory clearance, Rosbank (MCX:ROSB) and Banque Societe Generale Vostok (BSGV) will be integrated into one bank, but will retain their brands, while loan providers Rusfinance and Delta Credit will become its fully-owned subsidiaries.
Banking: Rosbank and BSGV will be merged under a new holding company, in which SocGen will hold an 81.5% stake.
17 February 2010 - Russian Rosbank (MCX:ROSB) and Banque Societe Generale Vostok (BSGV), both controlled by French financial group Societe Generale (EPA:GLE), are said to announce their tie-up within a week, a source close to the transaction told news agency Prime-Tass on Tuesday.
First, we see banks consolidating within different groups (SocGen consolidating Rosbank and BSGV) in order to become more efficient, increase capitalization, and improve brand recognition.
N [ETH] [ETH][+ or -][ETH][micro]N[ETH][+ or -][ETH][degrees][ETH]1/2[ETH]*[ETH][degrees], [ETH][ETH]cents[ETH] [ETH][cedilla] BSGV. ([ETH][ETH]3/4[ETH]1/4[ETH] [ETH][degrees][ETH]1/2[ETH][cedilla]N)
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