Rus-Bank’s management declared the company acquired 98.42% of Ural Treasures Bank’s shares. According to Rus-Bank’s Marketing Director Dmitriy Yurzvaig, the bank has only entered the Urals relatively recently, so acquiring an important local player with a developed regional network looked like a good way of building up Rus-Bank’s share of the local market.

Ural Treasures Bank held an EGM on October 8, 2007 in order to accept or reject a few BOD members’ resignation. A new Board of Directors was elected, and three Rus Bank representatives became BOD members, even though no serious bids were launched at that time.

Ural Treasures Bank reports their new partnership means more opportunities for the bank’s customers, that is, more products, newer technologies, greater subsidiary network, more ATMs and point-of-sale terminals. This clearly makes the bank more competitive, and the company gets to keep its independence into the bargain. The two banks agreed that Ural Treasures Bank is going to retain its brand, as it is so well-known to the general public and enjoys good reputation, as well as its management and personnel.