Company Ernst &Young Completes Work on Preparing Options of the Concept for Reorganizing Vnesheconombank’s Subsidiary Banks

Moscow. June 17. INTERFAX-AFI – Vnesheconombank (VEB) is considering several options of the concept for reorganizing its subsidiary banks.

VEB’s Management Board Member, VEB’s Deputy Chairman Sergei Lykov told Interfax-Afi that Company Ernst&Young, VEB’s consultant, completed fundamental work on preparing several options of the concept for reorganizing Vnesheconombank’s subsidiary banks. Once they have been considered by the Bank’s Management Board an agreed decision willl be submitted for approval by VEB’s Supervisory Board, he said

“Each of proposed reorganization options would be thoroughly considered. At the moment, none of the options has been given priority”, added Lykov.

The VEB group incorporates Roseximbank, the Russian Development Bank as well as Svyaz-Bank (RTS:SVZB) and Bank Globex which were purchased late last year for symbolic sums within the measures for stabilizing the banking sector. In this case he Central Bank provided financial aid placing deposits worth $2.5 billion to purchase Syaz-Bank and $2 billon to purchase Bank Globex.

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