LONDON, Nov. 14, 2018 (GLOBE NEWSWIRE) -- On November 12, Rosevrobank and Sovcombank merged together, after a process that took less than four months. The entire business will now be carried out under the single license of Sovcombank.
The merged business has already unified its retail line. Roservobank has also integrated its medium and large business block into the new structure. Ilya Brodskiy, ex-Chairman of the Management Board of Rosevrobank, is now President of Sovcombank. He will supervise the servicing of businesses and corporate clients. Dmitry Gusev, the bank’s Chairman of the Management Board, will still function as the sole executive body.
Speaking about the merger, Gusev said it was “an important development stage for us,” adding that: “uniting the business of two banks allows us to implement even more ambitious and large-scale projects.”
As far as the bank’s clients are concerned, the merger merely representatives a change of the bank’s name and payment details. In all other aspects, everything will stay the same for Roservobank’s clients, including all the rates for existing deposits and loans.
Brodskiy noted: “This merger became a logical development state for Rosevrobank, and we could not wish for a more suitable partner than Sovcombank, which is one of the most profitable private banks in Russia. I am sure [its] team’s experience with medium and large corporate clients will help Sovcombank become a leader among universal banks.”
Sovcombank purchased its first minority interest in Rosevrobank in 2015, and has gradually increased its share in capital over the last few years. The unified capital of the merged business will exceed RUB 100bn, while assets will amount to RUB 1trn.
Sovcombank is a full-scale universal bank that offers a full range of services both to its individual and corporate clients. This new merger will enhance its capacities all the more.
For more about Sovcombank, check out an exclusive interview in the latest issue of World Finance magazine, available in print and online now:
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