According to the State Securities and Exchange Commission of Ukraine, the shareholders meeting of Industrial Bank will decide upon the conversion of the shares of the Kyiv based Express bank into Industrial Bank stocks in Zaporizhia in December this year, following the announcement about the merger back in August.
To note, Industrial Bank was registered back in 1990, while Express Bank started operations in 1994. The banks have same shareholders. Dvoretskiy family members hold 70% in Industrial Bank and 80% in Express Bank.
In terms of assets, Industrial Bank held 33rd spot among the domestic banks while Express Bank was 45th.
After the reorganization, Industrial Bank will be a continuing company for the operations of Express Bank with regards to the clients, partners and other contractors.
Industrial Bank will also get rights for the assets of Express Bank, including surety agreements.
