Ural Treasures Bank might leave its holding
Ural Treasures Bank held an extraordinary general meeting on October 8, 2007 in order to discuss the proposal made by one of the BOD members, who asked to be allowed to leave the Board. The decision is supposed to be taken by the bank’s shareholders. The thing is, the company’s Articles do not provide for a dismissal of only one Director, which means that the shareholders have to decide whether they should accept the resignation of the entire Board of Directors, Ural Treasures Bank’s press officer reports.
The stockholders appointed a new Board, thinking it best not to elect any members of the bank’s Supervisory Board for the positions. The bank’s press officer explains that this has to do with the possible shifts in the degree of authority the Board of Directors might have in the near future. The BOD might soon be handling issues related to strategic planning again (these are the issues that were heretofore dealt with by Ural Financial Holding). It was for these reasons that BOD membership was thought unsuitable for the bank’s top executives.
Another point on the agenda of the meeting concerned the chances of the bank’s leaving the banking holding that was originally set up by Ural Financial Holding, Ural Treasures Bank, and Mechel Bank in October 2003. The stockholders who own shareholdings in both Ural Treasures Bank and Mechel Bank suggested considering the possibility of making the two banks’ products, services, and technologies more homogeneous in order for them to merge into one large regional bank. As a matter of fact, a lot of those have been made quite consistent with each other already. The two banks’ developmental dynamics have shown that they are quite efficient and capable of independent further growth. As a result, Mechel Bank and Ural Treasures Bank are sometimes simultaneously operating in one and the same area and are often competing successfully.
Ural Treasures Bank’s press officer says the bank and its shareholders have been getting a lot of offers from both Russian and foreign strategic investors who would like to buy a share in the company’s authorized capital. However, all the potential investors see Ural Treasures Bank as an independent business unit rather than a part of a holding.
The stockholders appointed a new Board, thinking it best not to elect any members of the bank’s Supervisory Board for the positions. The bank’s press officer explains that this has to do with the possible shifts in the degree of authority the Board of Directors might have in the near future. The BOD might soon be handling issues related to strategic planning again (these are the issues that were heretofore dealt with by Ural Financial Holding). It was for these reasons that BOD membership was thought unsuitable for the bank’s top executives.
Another point on the agenda of the meeting concerned the chances of the bank’s leaving the banking holding that was originally set up by Ural Financial Holding, Ural Treasures Bank, and Mechel Bank in October 2003. The stockholders who own shareholdings in both Ural Treasures Bank and Mechel Bank suggested considering the possibility of making the two banks’ products, services, and technologies more homogeneous in order for them to merge into one large regional bank. As a matter of fact, a lot of those have been made quite consistent with each other already. The two banks’ developmental dynamics have shown that they are quite efficient and capable of independent further growth. As a result, Mechel Bank and Ural Treasures Bank are sometimes simultaneously operating in one and the same area and are often competing successfully.
Ural Treasures Bank’s press officer says the bank and its shareholders have been getting a lot of offers from both Russian and foreign strategic investors who would like to buy a share in the company’s authorized capital. However, all the potential investors see Ural Treasures Bank as an independent business unit rather than a part of a holding.
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