International Moscow Bank And Bank Austria Kreditanstalt Russia Pool Resources

Shareholders of the International Moscow Bank (IMB) and the Bank Austria Kreditanstalt Russia (Bank Austria) made a decision Thursday to pool the two banks' resources by the Bank Austria's merger with the IMB, the joint press release of the banks reads. According to the shareholders, such a restructuring will strengthen positions of the unified bank and heighten its competitiveness. The IMB and Bank Austria are mutually complementary: the IMB's stronghold is the servicing of corporate clientele, while the Bank Austria's stronghold is the provision of retail banking services. The restructured bank will retain the name of the International Moscow Bank. Its statutory capital will constitute USD 100 million and the aggregate amount of assets will account for about USD 2.8 billion. The merger is expected to be over by the end of 2001. Currently a package of documents is being prepared to be submitted to the Bank of Russia for approval.