Eurasian Bank sold 100% of shares in Russian subsidiary to Sovcombank
Moscow, Russia, December 2020 – Sovcombank and Eurasian Bank announce a binding agreement on purchase of 100% of the subsidiary of the Bank in Russia from Kazakhstan Eurasian Bank. The parties do not disclose the transaction amount. The transaction documents have already been sent to the Bank of Russia for approval.
“For us, the purchase of Eurasian Bank is an important step towards developing the Bank interests in the CIS countries and, in particular, working with a major financial institution in Kazakhstan to implement joint projects. In turn this is a good opportunity for our partners from Eurasian Bank to exit the highly competitive Russian banking market and focus on their core business in the key market of their presence.”
Sovcombank does not plan to purchase assets in Kazakhstan, but aims to develop partnerships between banks to serve large corporate customers in both countries,” said Sergey Khotimsky, co-owner and First Deputy Chairman of the Management Board of Sovcombank.
“The sale of the Russian asset is part of the Bank strategic plan. We are increasing our focus on further business development in Kazakhstan and neighboring Central Asian countries, where we see excellent prospects. The Bank will continue its presence in the Russian market through joint projects with our Russian partners,” said Valentin Morozov, Chairman of the Management Board of the parent Eurasian Bank.
Eurasian Bank JSC, Moscow
123317 Moscow, Presnenskaya Embankment, House 8, Building 1
Tel.: +7 495 287-99-66
For contacts:
Eurasian Bank PR-Service in Kazakhstan
+7 727 259-95-99 Ext.: 4401.
press@eubank.kz