First Ukrainian International Bank (FUIB) became a successor of all rights and obligations of the Bank Renaissance Capital (TM “Bank Renaissance Credit”) towards its clients, partners, and counterparties. The Act of Transfer of all rights and obligations was adopted on 14 March 2015 by the decision of the General Shareholders Meeting of the PJSC “First Ukrainian International Bank” and the decision of the shareholder of the JSC “Bank Renaissance Capital”.
Thus, the stage of legal merger of the banks that started last autumn was completed. The merger of the banks is being made under the control of the National Bank of Ukraine and the Antimonopoly Committee of Ukraine. By the end of 2015 the operational merger – consolidation of branch networks, product range and services of both banks – will be completed. Total capital of the merged bank has not changed while the regulatory capital increased by UAH 295 million.
In the nearest future nothing will change for clients of both banks. Branches of the bank “Renaissance Credit” will continue their work under the existing brand having good reputation on the consumer lending market. After the completion of the merger process, the unified bank will operate under the brand of First Ukrainian International Bank – “FUIB”.
“Merger of two institutions is always a serious challenge. In the current unstable situation in economic, political and banking systems this is a double challenge for our team. We will build a new IT architecture of the bank, merge branch networks throughout Ukraine and offer our clients a full range of attractive and innovative products. The unified universal bank will be able to satisfy financial needs of clients from various segments of the Ukrainian market”, noted Sergey Chernenko, the Chairman of the Management Board of FUIB, the Chairman of the Supervisory Board of the bank “Renaissance Credit”.
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