‘The fact that the European Bank for Reconstruction and Development acquired some shares of SKB-Bank is a very good thing for the latter. Firstly, the bank is now able to successfully build on its capital; moreover, doing business with a large international financial institution is a matter of status and prestige which is bound to boost the bank’s capitalization,’ Investments Director of Management Company Alexander Metsger said to UrBC.

‘Seconldy, SKB-Bank is providing additional resources for itself and its customers, which makes it more competitive. Thirdly, the bank is definitely going to lay greater emphasis on attracting small and medium-scale businesses, thus supporting its reputation of a large, independent, and universal bank. Finally, the transaction gives them the additional benefit of improving both their technologies and business processes,’ he said.

SKB-Bank reports it signed the share-selling agreement with the European Bank for Reconstruction and Development on May 24, 2007. The share holding is constituted by the bank’s additional share issue and comes to 25%, which makes the EBRD one of SKB-Bank’s largest stockholders.

According to the European Bank for Reconstruction and Development, the bank intends to support SKB-Bank technology-wise within the framework of a project targeted at making institutional improvements within Russian regional banks; the idea behind the project is to fortify their risk management mechanisms involving both businesses and individual customers.