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Absolut Bank, KIT Finance complete merger

 Absolut Bank has placed 69,705,043 shares at par value of 10 rubles by converting ordinary shares of merged bank KIT Finance (MOEX: CITB), Absolut Bank said in a statement.

 
The termination of KIT Finance's activity due to its reorganization was included in the Unified State Register of Legal Entities on April 18, 2014.
 
Both banks are controlled by non-government pension fund Blagosostoyanie. The merger is planned to be completed within the first half of 2014.
 
The merger includes Absolut Bank increasing its charter capital 37.8% from 1.84 billion rubles to 2.54 billion rubles. The merger took place with a conversion coefficient of 10.03 - 10.03 KIT Finance shares were converted to one Absolut Bank share.
 
Absolut Bank was Russia's 47th largest bank by assets, and KIT Finance - the 80th at the end of 2013, according to the Interfax-100 ranking.
 
 
22 April 2014

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