Media coverage

January 2007

Newspaper «Economic News»

31.01.2007 №15(548)

Finansbank (Kyiv) will, probably, be renamed in Credit Europe Bank.

The similar decision has already been accepted by shareholders of Russian Finansbank which belongs to businessman Husnu Ozyegin who supervises the holding Finansbank Group (FIBA Group, Netherlands).

The renaming of the bank structures is connected with the transaction on purchase of 46% Finansbank by the largest Greek bank, National Bank of Greece. Let's remind: as a result of this transaction which took place in November, 2006, Finansbank was divided into 2 parts. The first one, with divisions in Turkey and on Malta, passed to the Greek bank, the second one ? with divisions in Ukraine, Holland, Greece, Romania and Russia ? remained in hands of previous owner of Finansbank.
In particular this part of bank will be renamed in Credit Europe Bank. Finansbank’s Ukrainian daughter was registered by NBU in August, 2006. The info of reaming hasn’t been confirmed in the bank yet ? they advise to wait till March, 12th.General meeting of shareholders which will make a decision on change of the name and rebranding is fixed to this date.

The cost of rebranding of Russian Finansbank which has 36 branches in Moscow region is estimated by experts in $800 thousand. This sum includes expenses for redesign of offices, but not for promotion of a brand.

The rebranding of the Ukrainian daughter which has only the central office in Kyiv for now and practically hasn’t begun a work, will cost much cheapler. The Ukrainian experts estimate the cost of the rebranding of average bank establishment in Ukraine in some tens of thousands of dollars.