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Impexbank Wiped Out of the Market
The BOD of Austian Raiffeisen International is said to have decided past week on the single brand for its banks in Russia. Any and all affiliates and branches of Impexbank that the Austrians bought out past spring would have to change the signboard to Raiffeisenbank and one of the strongest brands on the country’s market of banking retail – Impexbank – will cease to exist at the same time.
According to a source close to the management of Raiffeisen International (RI), it was finally decided that Impexbank would merge into Raiffeisenbank during consolidation. Therefore, RI will be represented by a single brand in Russia, Raiffeisenbank, and it will be the end of Impexbank, the big retailer in the bank sector of Russia, which currently has 189 branches in 44 regions of the country.
Representatives of Russia’s Raiffeisenbank haven’t officially confirmed the data. “The final decision on the brand of consolidated bank will be taken before late 2006 by results of the comprehensive evaluation of brands of both banks,” sources with Raiffeisenbank’s news service explained.
Impexbank declined to comment officially.
Austrian Raiffeisen International announced in May it had closed the deal for buying out 100 percent in Impexbank. The budget reached $550 million. Of interest is that the second tranche of $50 million will be transferred only on provision of 2006 audited accounting report of the bank.
www.kommersant.com
All the Article in Russian as of Oct. 03, 2006
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