Newspaper «Ukrainian News»

13.06.2007

Finansbank, a small Kyiv-based bank founded in mid-2006 by a Turkish financial institution of the same name, has renamed itself as Credit Europe Bank.

The press service of the bank announced this in a statement.

The decision to rename the bank was made by its shareholders at a meeting that took place on Match 12.

The National Bank of Ukraine registered the name change on June 6.

The renaming of the bank is connected with the decision of the Fiba International Holding, a Turkish group, to sell a controlling stake in Turkey’s Finansbank to the National Bank of Greece and transfer the right to use the Finansbank brand to the National Bank of Greece.

After selling the shares in Turkey’s Finansbank, the Fiba International Holding decided to retain control of Finansbank’s structural divisions in the Netherlands, Russia, Romania, and Switzerland.

Fiba International Holding decided to rename Finansbank’s structural divisions in the Netherlands, Russia, Romania, and Switzerland because of the transfer of the right to the Finansbank brand to the National Bank of Greece.

The Dutch division of Finansbank owns 99.9% of the shares in the Kyiv-based Finansbank. Therefore, Fiba International Holding renamed both financial institutions as Credit Europe Bank (Holland) and Credit Europe Bank, respectively.

The main shareholders of the Kyiv-based Credit Europe Bank are now the Fiba International Holding with 0.01% and Credit Europe Bank (Holland) with 99.9%.

As Ukrainian News earlier reported, the assets of Credit Europe Bank were valued at UAH 541.342 million as of April 1, 2007, when its credit portfolio amounted to UAH 0.743 million and its equity amounted to UAH 45.515 million.

The National Bank of Ukraine registered Finansbank (now Credit Europe Bank) as a closed joint-stock bank in August 2006 and licensed it to perform banking operations in December.