Zee Beam News

MOSCOW, March 15 (RIA Novosti) - French financial major Societe Generale is planning to issue 3-year bonds totaling 3 bln rubles ($105.3 million) through its Russian subsidiary in the next half year, the bank's board chairman said Wednesday. Philippe Delpal said the Rusfinance Bank would quadruple its charter capital to $55 million in the near future, and double its loan portfolio every year. The bank also plans expand its retail network from 34 to 60-70 Russian regions, and establish 12 representative offices in Kazakhstan. A Societe Generale's official said Rusfinance Bank could even acquire a bank in Kazakhstan if it helped the bank to expand its business on the country's financial market. Rusfinance Bank is a new Societe Generale brand on the Russian consumer loan market. In July 2005, SG subsidiary Rusfinance acquired 100% participatory share in the charter capital of Promek Bank, based in the Volga city of Samara, from SOK Group. Promtek-Bank was renamed Rusfinance Bank after the deal was formalized on February 15, 2006. Rusfinance and Rusfinance Bank are planning to merge their assets in May 2006.