On March 29, Sovcombank received permission from the Bank of Russia to buy Home Bank, the credit institution said in a statement. The bank also previously received permission from the FAS.
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Sovcombank plans to consolidate Home Bank in its IFRS financial statements for the first quarter of 2024, which will be published in May. At the same time, technically, the deal will close after registering an additional issuance to pay for the purchase of Home Bank.
Plans to buy Home Bank became known in February 2024. The credit institutions agreed to merge the companies on the Sovcombank platform and close the deal by the end of this year.
It should be noted that the strategic focus of the merger will be aimed at “preserving and expanding Home Bank’s expertise in commodity lending”, as well as increasing the customer base and synergy between the two banks.
The parties expect to increase the customer base by 50%, the retail loan portfolio by 25% and the retail deposit portfolio by 20%.
In March it also became known about plans to integrate Rosbank into the Tinkoff structure. Tinkoff and Rosbank shareholder Interros supported the integration proposal.
Author:
Anastasia Marina
Source: RB
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