November 17, 2014

Company “Global Financial Management Group” (GFM Group) has sold 100% of shares in GFM Group-owned CityCommerce Bank to new investors. Who is the new owner of the bank, has not been reported. The transaction value, agreed last week, is not disclosed. It was reported by the press service of the financial institution.

Last Friday, November 14, 2014 - it was decided on the meeting of new shareholders of the bank to change the Supervisory Board of CityCommerce Bank and its Audit Commission. The new owners of the bank are going to pour UAH 217 million into it till the end of this year and UAH 160 million - during the first quarter of next year.

GFM Group is controlled by Nurulislam Arkallaev (15%), Sergey Tron (24.99%), Reinis Tumovs (24.99%), and also Michael Andrew Gray through the company Apollus Services Limited (24,99%).

Based on the NBU's data as of October 1, 2014, in terms of assets, the CityCommerce Bank held 41th place (UAH 3.917 billion) among 166 operating banks. The Bank's profit for the 9 months of 2014 is amounted to UAH 2.416 million.

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