Rosbank shareholders approved its merger with T-Bank. T-Bank shareholders made a similar decision. The total capital of the united credit organization will exceed 500 billion rubles, said Nikolai Sidorov, chairman of the board of directors of Rosbank.

Shareholders approved the merger of Rosbank and T-Bank
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According to his words, after the merger, the bank will rank fifth in Russia in terms of household funds (2.7 trillion rubles) and fourth in terms of the size of the loan portfolio of individuals (more than 2 billion rubles).

According to the decision of shareholders, Rosbank will become a branch of T-Bank. For this purpose, the latter will carry out an additional issue of 300 million shares with a nominal volume of 3 billion rubles. 5.88 Rosbank shares with a par value of 10 rubles will be converted into one T-Bank share.

The authorized capital of T-Bank is 6.8 billion rubles; after additional issuance it may grow by 44%, but will not exceed 9.772 billion rubles. The authorized capital of Rosbank is 15.5 billion rubles. The merger is planned to be completed in the first quarter of 2025.

“We are already working to improve efficiency: we are reducing duplicate costs, moving to unified IT solutions and optimizing our branch network. At the end of November we will tell you how this affects the group’s metrics in a report under IFRS,” said a T-Bank representative in a message on the credit institution’s website.

On November 2, the Central Bank approved the list of credit institutions of systemic importance, among which was Rosbank. In July, Vedomosti sources reported that in the fall the regulator would consider removing this bank from the list, as it was in the process of integration with T-Bank.

In August, T-Bank’s parent company, TKS Holding, became the owner of 99.4% of Rosbank’s capital. As part of the transaction, a total of 1.42 billion shares were purchased; T-Bank first reported that the lenders were planning to merge in March.

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Author:

Bogdan Muzychenko

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.

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