The legal merger of B&N Bank and B&N Bank Murmansk into MDM Bank has been completed today, with MDM Bank simultaneously being rebranded as B&N Bank. Thus, the combined bank will continue to operate under the B&N Bank brand.
The combined bank ranks in the top 5 amongst privately-owned and top 10 amongst all Russian banks by total assets, and ranks No. 3 and No. 7, respectively, by retail deposits.
B&N Bank, through a combination of organic and acquisitive growth, has achieved a compound annual growth rate (CAGR) of more than 50% over the past five years. As at the merger date, on a pro forma consolidated basis, the enlarged B&N Bank had total assets of circa RUB 1.1 trillion and equity of circa RUB 90 billion (in accordance with Russian accounting standards).
“We have laid the foundation for the creation of an international-class bank, which is both innovative and high-tech,” commented co-owner and CEO of B&N Bank, Mikail Shishkhanov. “We will continue the integration and technological fine-tuning of the enlarged bank over the next year.”
LECAP team headed by Dmitry Krupyshev, managing partner, acted as legal advisor on all stages of this complex reorganisation project. During 2016, B&N Bank has completed the legal merger and technological integration of an additional four banks: Kedr, B&N Bank Smolensk, B&N Bank Surgut and B&N Bank Tver.
Source: B&N Bank press office.