OREANDA-NEWS. September 22, 2009. A meeting of the Board of Directors of JSC TransCreditBank chaired by T.V. Paramonova took place in Moscow.

The Board of Directors decided to recommend to the Extraordinary General Meeting of shareholders of the Bank to decide on the reorganization of JSC TransCreditBank by merging it with its four subsidiary credit institutions: JSC MeTraComBank (Rostov-on-Don), JSC Bank Yugo-Vostok (Voronezh), JSC Chitapromstroybank (Chita) and JSC Superbank (Blagoveshchensk). The meeting approved the Justification of conditions and order of the reorganization of JSC TransCreditBank, contained in the Agreement on the merger of these credit institutions.

It was agreed that the Extraordinary General Meeting of shareholders of JSC TransCreditBank will be held October 26th 2009 in Moscow. The main items on the agenda will be the reorganization of TransCreditBank and approval of the Agreement on the merger, as well as an increase of TransCreditBank’s authorized capital by converting the shares of the credit institutions being merged into the additional shares of TransCreditBank.

As previously reported, on August 20th 2009 the Federal Antimonopoly Service of Russia satisfied the application of JSC TransCreditBank to merge with the four subsidiary financial institutions.

The consolidation process is expected to be completed by the end of 2009.