GRAN Bank might merge with Investbank in the near future, GRAN’s press release says.

GRAN Bank’s BOD meeting resulted in the decision to suggest that the shareholders vote for a merger with Investbank in the course of the annual general meeting. The AGM attendees will also have to consider issues related to reorganization of the company, details of the merger agreement and so on. The directors themselves have already come up with a preliminary approval of the papers needed for the transaction and of the necessary amendments to Investbank’s charter as well as of the provisions regarding the bank’s subsidiaries.

GRAN Bank (originally known as Chkalovskiy subsidiary of Yekaterinburg Gosbank) was founded on December 7, 1990. Last August, Conversbank (part of Conversbank Financial Group) became the bank’s nominee shareholder (its share comes to 99.629%). GRAN Bank kept operating on the regional market without switching to any new type of business entity until April 2007.

Investbank was registered in Kaliningrad Region and has been operating since June 7, 1989. The bank is part of Conversbank Financial Group.