Banks Grow, Banks Crumble

<BR>Five Russian banks have announced mergers into two independent credit organisations. <BR>ONEXIM Bank, Menatep and Most Bank announced their merger "pursuant to international standards", and have so far agreed to create a holding company coordinating the activity of the three banks. Inkombank and the National Reserve Bank are creating an integrated banking group, supported by their largest shareholder, RAO Gazprom.<BR>The merger between Inkombank and the National Reserve Bank took the last two months to prepare. The purpose of creating an integrated banking group was claimed to include raising the reliability and stability of banks and private clients. Soon, share packets are to be exchanged, which will make it possible to develop and implement a coordinated policy at the level of banking group managers.<BR>ONEXIM Bank, Menatep and Most Bank have agreed that the end result of their merger will be the creation of a bank "with a powerful capital, high deposit guarantees and informational transparency for investors", governed by international accounting and auditing practices.