Large Russian banks plan merger

The boards of directors of Zenit and Ak Bars banks are going to discuss the strategy for merger of these two credit organizations at the next board meeting, the Zenit press service reported. According to Robert Musin, the chairman of Zenit and Ak Bars boards, this merger will have no analogues in the history of the Russian banking system. "We kept in mind this promising opportunity for a long time and we realize that the merger of Zenit and Ak Bars will be an unprecedented event," he was quoted as saying. He believes this deal can be finalized over the next two years.

Before the merger actually begins, the leadership of the two banks will analyze possible risks that are inevitable for any deals of such scale and try to protect shareholders and clients of the banks against these risks.

The shareholders of Zenit bank are Tatneft oil company, SGI Enterprises Limited, the Novolipetsk Metal Works, Select Energy Trading and others. Among Ak Bars shareholders are the largest industrial enterprises of the Tatarstan republic of Russia, representatives of state governing bodies and Tatneft.

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&to=http://www.tatneftjsc.ru/' target=_blank>TATNEFT

&to=http://www.zenit.ru/' target=_blank>ZENIT BANK

&to=http://www.akbars.ru/english/index.php?p=803' target=_blank>Ak Bars Bank