Probusinessbank Agrees to Takeover of Siberian Bank IGB

Russia’s Probusinessbank has agreed to a full takeover of Investment City Bank, a local banker in the Siberian city of Novosibirsk. Probusinessbank began the process with an initial purchase of 20% in December 2009, committing to complete the acquisition of the remaining 80% by mid-2010. The first-stage purchase was made through Financial Group Life, a Probusinessbank holding, with the National Savings Bank acting as Purchaser.

Investment City Bank (www.icb-nsk.com)
Investment City Bank was established in 1993 as an open joint stock company active in banking services in Siberia. In June 2006 the bank began a strategy of further developing Investment City’s retail and consumer operations. Investment City Bank is a member of the Deposits Insurance System of Russia.

Probusinessbank (www.prbb.ru)
Established in 1993 with a standard license for corporate banking, Russia’s Probusinessbank acquired a general license in 1995 enabling it to expand its services. In 2002 the bank embarked on a strategy to strengthen its small and medium sized business clients and increase the bank’s presence in western Russia. Through the years Probusinessbank has partnered with investors like the EBRD, World Bank, Ex-Im Bank to support European business. It is the only Russian bank to weather the financial crisis without any government aid.