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
Profit of Russian SovcomBank down 50% in 1Q25
Publicly listed Russian Sovcombank posted a 50% year-on-year decline in IFRS net profit to RUB12.5bn ($172.8mn) for 1Q25, as monetary tightening and a stronger ruble weighed on core banking ... more
Russian Bank Saint Petersburg ups profit 19% in 1Q25
Top dividend payer in the Russian banking sector Bank Saint Petersburg posted a 19% year-on-year increase in net IFRS profit to RUB15.5bn ($214.3mn) for 1Q25, supported by a robust net interest ... more
First Russian bank branch to open in Iran as Mir Business Bank
The Central Bank of Iran has issued a permit for the opening of the first Russian bank branch in the country, Donyaye Eqtesad reported on May 16. Mir Business Bank, a Russian bank partly ... more
Most Read
-
Armenia courts African countries to supply diamond industry
1 month ago
-
Russia’s Alrosa finds its largest diamond ever, as Mirny mining operations restart
13 days ago
-
COMMENT: Embracing “Greater Central Asia” has become a strategic imperative for US
24 days ago
-
From blood diamonds to critical minerals: Sierra Leone’s mining transformation
1 month ago