Bank ZENIT Plans to Become a Stakeholder in the Charter Capital of OJSC Spiritbank (City of Tula)
Moscow, October 10, 2008
Within the framework of implementation of Banking group ZENIT Development Strategy approved by its Board of Directors, the expansion of the Banking group presence to promising Russian Federation regions is planned. The Board of Directors of OJSC Bank ZENIT adopted a resolution on participation in the Charter Capital of Spiritbank OJSC (city of Tula). Appropriate documents have been sent to the Central Bank of the Russian Federation.
Vladimir Padanin, Deputy Chairman of the Management Board of Bank ZENIT, giving comments on the adopted resolution, said: "Banking group ZENIT Development Strategy envisages aggressive expansion of its presence to Russia regions. We have ambitious goals, and the latest events in the global financial system open new opportunities for major and reliable market players. Our task is to take advantage of those opportunities most efficiently".
Participation of OJSC Bank ZENIT in the Charter Capital of Spiritbank OJSC will allow the Banking group to secure its entry to the promising, speedily developing region, increase the number of its regional presence points, set up additional business in the Tula Oblast. Besides, as Vladimir Padanin noted, "the resolution on participation in the Charter Capital of Spiritbank OJSC is a part of the mainstream of consolidation and strengthening of the country's banking system being currently underway".
The Tula Region is characterized by high-level of its industry and agriculture. The region's proximity to Moscow and its developed infrastructure enhance its economic advantages.
Spiritbank OJSC (Registration No.2053) was established in 1992, and it is currently a dynamically developing independent bank of the city of Tula. The Bank has a branch in the city of Donskoy of the Tula Region, and three additional offices: two in Tula, and one in the town of Novomoskovsk, Tula Region.
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Banking Group ZENIT was formed in 2005 as a result of the purchase by Bank ZENIT of a controlling stake in JSB Devon-Credit (OJSC). In 2007, the Banking Group acquired OJSC Lipetskkombank and JSB Sochigazprombank LLC (later renamed into Bank ZENIT Sochi). According to the consolidated statement of the Banking group for 2007, made in accordance with IFRS, the equity capital of the Banking group amounts to $738 mn, the assets amount to $6,645 bn. The Group provides a full-scale range of banking services in the following areas: comprehensive services to the corporate clients, retail services, private banking, investment banking and interbank business. Banking Group ZENIT is represented in 21 of 83 regions of the Russian Federation; its own retail network consists of 154 points of sale. The Group has created a wide international correspondent network of banking partners, with co-operation from more than 80 international institutions in Europe, America and Asia. Bank ZENIT is currently rated Bа3/Stable by Moody's and B+/Stable by Fitch. Being an active debt market player, Bank ZENIT arranged 8 international syndicated loans, 2 Eurobond issues (the debut issue was repurchased in 2006) and 5 ruble bond issues (the debut issue was repurchased in 2007).
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