Bank Severnaya Kazna’s assets drop 36.75%

A number of Bank Severnaya Kazna’s shareholders sold portions of the shares they had. Ural Avia’s share decreased from 21.71425 % to 19.54177 %; Bank Severnaya Kazna Supervisory Board member Leonid Bratzev reduced his share from .81200 % to .73076 %; Bank Severnaya Kazna BOD member Vladimir Veselov’s share went down from .08294 % to .07464%; Bank Severnaya Kazna Supervisory Board member Roman Vitkovskiy reduced his share from .36036 % to .32431 %; Bank Severnaya Kazna Supervisory Board member and Chairman Andrei Volchik reduced his share from 1.68733 % to 1.51851%; Bank Severnaya Kazna BOD

OAO Alfa-Bank bought out all the shares of OAO Bank Severnaya Kazna that it hadn’t previously owned yet, thus increasing its stake from 95.03099% to 100%, Alfa-Bank Yekaterinburg branch’s PR Director Anna Gorobtsova informed UrBC. ‘The buyout was completed in full compliance with the legal requirements and at a market price that was actually higher than the price Alfa-Bank purchased the stock at during the buyout offer launch,’ she said. Alfa-Bank offered to buy the shares out from Bank Severnaya Kazna’s other stockholders at the end of March 2010; the suggested price was 0.000256497 kopecks

OAO Alfa-Bank had to close down five offices of Bank Severnaya Kazna in the course of the financial recovery procedure the latter needed, Bank Severnaya Kazna’s Deputy Chairman of the Supervisory Board Roman Vitkovskiy said in the course of an online conference held by the two banks. The conference was broadcast via Alfa-Bank’s official website. ‘Bank Severnaya Kazna used to have thirty-eight offices throughout Russia. Five of them stopped operating, and so did one of Alfa-Bank’s own offices. The remaining outlets are now used by both banks to make sure customers can get serviced in the

Based on the International Accounting Standards, URSA Bank’s assets reached 165.8 billion RUR last year, which was 1.5 times better than at the beginning of 2007. The bank’s own funds rose by 1.9 times and came to 28.7 billion RUR, while its profits amounted to 3.77 billion RUR, which exceeds the figures for a year earlier by 2.6 times. URSA Bank’s loan portfolio grew by 1.9 times in 2007, with the share of bad debt (with payments delayed for over ninety days) coming to 4.2% of the total portfolio value. At the same time, the bank’s reserves are capable of making up for this bad debt by 107%.

‘The dramatic plummeting of the bank’s net assets last December was brought about by having to create the additional reserves to make up for the possible bad debt damages, as Bank Severnaya Kazna’s loan portfolio lost some of its strength in the winter of 2008,’ the spokesperson for Alfa-Bank said to an UrBC representative. Bank Severnaya Kazna’s net assets actually dropped by over 7.1 billion RUR (from 43.1 billion RUR to 35.9 billion RUR), or by 16.5% in December 2008. The decrease occurred after the bank had been acquired by Alfa-Bank. The financial data to this extent were published via