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Meetings held by the shareholders at BANK “ROSSIYA” and Gazenergoprombank gave the green light to a merger

Shareholders meetings held by Bank “ROSSIYA” and Gazenergoprombank decided to merge the lending institutions. The final consolidation of the lending institutions is planned for completion in the third quarter of 2010.

The merger will form a lender that will become one of the largest lending institutions in Russia and will operate on the market under the single brand of Bank “ROSSIYA”. Upon completion of the merger procedure Bank “ROSSIYA” will become a successor of Gazenergoprombank under all rights and obligations. All obligations taken by Gazenergoprombank will remain valid.

The merger is being carried out in the interests of clients and shareholders and aims to bolster reliability and financial strength of the bank, improve the quality of services provided and cement market positions.

Capitalization of the new lender will provide creditors and deposit holders of both banks with more reliable guarantees. The combined bank's branch network will span 18 regions in European Russia, which will make more efficient operations with the current customers and sharpen the bank's appeal for potential clients.