MDM Bank Ural acquired a new name and is now known as Bank EEFC Ural (aka Bank VEFK Ural).

'This is part of a re-branding process connected with the acquisition of the bank’s entire capital by East European Finance Corporation on November 17, 2006. We haven’t been able to give the company a new name before because we needed to have all the papers approved by the Central Bank of Russia first,’ Bank EEFC Ural’s Customer Service Development Director Evgeniy Durnev said to UrBC.

'At the same time, the bank is not going to operate any differently now that it’s owned by someone new. We intend to retain all of our customers; moreover, even though MDM Bank Ural’s loan portfolio had been sold to MDM Bank, we managed to restore it in less than two months. The bank’s top executives and most of the staff are now employed by Bank EEFC Ural,’ Mr. Durnev said.

According to Mr. Durnev, East European Finance Corporation’s headquarters are based in Saint Petersburg, whereas the company also comprises a number of other banks (Incasbank, PETRO AERO BANK, Ruscobank, Vyborg Bank, Ural Trust Bank, and ROST Bank).