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Promsvyazbank to incorporate Pervobank

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Promsvyazbank to incorporate Pervobank

's shareholdersapproved plans to restructure the company by incorporating its unit .

The plannedreorganization is set to be completed June 30, with Pervobank's activitiesbeing terminated as a result. Promsvyazbank, which initially a majority stake in Pervobank,will be the lender's sole shareholder by that date. All of Pervobank's shareswill be redeemed without conversion during the reorganization process, whichwill not affect Promsvyazbank's share capital.

Bothlenders are controlled by Promsvyaz Capital BV.