ZENIT Bank will acquire the controlling stake of the Devon-Credit Bank
In
the context of implementing the strategy for areal presence development and expansion, ZENIT Bank will acquire the controlling stake of Devon-Credit Bank located in Almetyevsk. The Board of Directors of Tatneft Company owning the Almeyevsk bank has decided today on selling 92 per cent of Devon-Credit Bank shares to ZENIT Bank.
Upon implementation of this decision, Devon-Credit Bank will become a subsidiary company of ZENIT Bank. According to the words pronounced today by the Chairman of the Board of Directors of Tatneft Company, the Prime Minister of the Republic of Tatarstan Rustam Minnikhanov, 'This is an important positive contribution in the development of the banking sphere of the Republic of Tatarstan that gives new opportunities for providing the economics of Tatarstan with credit resources and rending high-quality advanced reliable services to the population'.
According to Shafagat Takhautdinov, the Director General of Tatneft, this decision will become an important step on the way of decreasing the non-core assets of Tatneft. 'This event is of great importance at the moment, when extremely large-scale and prospective projects - such as construction of a new refinery - are under successful implementation,' said Mr.Takhautdinov. He has also pointed out that Devon-Credit Bank is one of the largest banks of Tatarstan. Further development of the Almeyevsk bank, in the judgement of Tatneft Director General, is impossible without upcoming to the federal level. 'Modern trends of the banking system development dictate necessary consolidation of assets, establishment of banking groups,' he stated. 'This is the component of the objective process leading to increase in competitiveness and investment attractiveness of banks'.
'Being a shareholder of ZENIT Bank, Tatneft is sure that banking group establishment will become a strong drive for development of the both banks', Takhautdinov underlined. Mr. Aleksey Sokolov, the Chairman of the Board of Directors of ZENIT Bank, stated that the today's event is 'a vital step in implementing the ZENIT Bank strategy.'
Devon-Credit Bank enjoys the deserved authority of not only one of the largest but also one of the top-ranked banks of Tatarstan, as mentioned by Mr.Sokolov. 'An opportunity to acquire this highly reputable bank is a great honour and responsibility for us,' he said.
The top management of ZENIT Bank, as evidenced by him, is of extremely high opinion of the level of retail business development of Devon-Credit Bank, its position in servicing small and medium-scale business of the Republic of Tatarstan, experience of interaction with oil-producing companies and enterprises of other branches of industry.
The top management of ZENIT Bank in conjunction with the Devon-Credit Bank management is intended to make ample use of the many years' experience and technologies of the both banks to come to new levels in their common development, for providing services of enhanced quality to the population and real economic sector of the Republic of Tatarstan, accentuated by Mr. Sokolov.
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