Russia’s only pure online bank T-Bank (former Tinkoff, controlled by TCS Holding) will fully integrate its peer Rosbank after the acquisition of the latter, Kommersant daily and RBC business portal report citing TCS announcement.
Rosbank will cease to be an independent bank and will be transformed into a branch of T-Bank, which will allow it to cut costs and free up RUB50bn of capital within the group.
As followed by bne IntelliNews, both TCS Group and Rosbank are controlled by Interros of Potanin. He bought TCS from the exiled founder Oleg Tinkov, as yet unsanctioned Potanin was picking up existing Western assets and rebuilding his banking empire.
Rosbank is the former Russian branch of Societe Generale, which was one of the first foreign banking players to exit Russia amid the full-scale military invasion of Ukraine.
The analysts surveyed by Kommersant warn that integration of large banks with different business models may be delayed, including due to regulatory approvals, satisfying the demands of Rosbank's minority shareholders and creditors of both banks, as well as merging IT systems and integrating corporate cultures.
Currently the full integration is scheduled to be completed in the first quarter of 2025.
Related Articles
Egypt and Russia finalise key agreements for Dabaa Nuclear Power Plant
Egypt has signed an agreement with Russia’s Rosatom to secure the nuclear fuel supply for Unit 1 of the Dabaa Nuclear Power Plant, Al Ahram reported on November 19. Officials said the agreement ... more
Russia in talks to buy 1,000t of Niger uranium amid Sahel realignment, fading French influence
Russia is in talks to purchase around 1,000 tonnes of uranium from Niger in a deal valued at approximately $170mn, according to French security assessments cited by Le Monde. The reported ... more
Malawi probes alleged recruitment of young women into Russia’s Alabuga drone plant
Malawian authorities are examining reports that young women from the country may be among those recruited into Russia’s Alabuga industrial complex, where foreign trainees have allegedly been forced ... more
Most Read
-
India’s smart metering push gains momentum
4 months ago
-
US expands oil sanctions on Russia
26 days ago
-
India’s smart metering push gains momentum
4 months ago