MOSCOW, 16 FebSovcombank plans to fully integrate Home Bank and expects it to take about a year, First Deputy Chairman of the credit organization Sergei Khotimsky said at a press conference.
Sovcombank announced its intention to acquire Home Bank; the transaction is expected to be completed before the end of 2024, after receiving all necessary regulatory approvals.
Khotimsky noted that the scope of the deal also includes an insurance company.
«»In principle, as we always do when acquiring assets, we are planning the integration of banks, that is, a complete merger. In our experience, such a process takes 9–12 months. We believe that this case will not be an exception… Integration work will begin almost from Monday… According to our experience, in 9-12 months banks will be able to switch to a single license,” he said.
According to him, documents will be submitted to the Central Bank and the Federal Antimonopoly Service to approve the transaction next week. Sovcombank expects to receive approval by the end of the first quarter in order to consolidate the results of Home Bank in its reporting from April 1.
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“In principle, we plan that Sovcombank will be the name of the merged bank, and in this sense, the branches that are now Home branches that go to work at Sovcombank during 2024 will eventually be rebranded,” he added.
He also said that Swokombank does not plan to conduct an additional SPO in order to raise funds to pay for the second stage of the Home Bank transaction. According to him, the bank “will easily have enough to pay without such involvement.” In addition, Khotimsky called the likelihood of new acquisitions of banks in the coming year very low. “But as for other segments, we do not exclude such a possibility, we are interested in the leasing direction, we are thinking about insurance. Therefore, such a possibility exists,” the top manager noted.
February 5, 00:00