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Sovcombank closes acquisition of Vostochny Bank
Sovcombank closed the acquisition of Vostochny Bank on April 14, 2021, with the integration of the two banks becoming one of the largest integrations in Russia. Almost all of the three million customers, depositors and borrowers of Vostochny Bank joined the Sovcombank clientele. One million loans of 76 billion rubles worth and a deposit and current account portfolio of 116 billion rubles worth were transferred to the Sovcombank balance sheet.
55% of the Vostochny Bank staff (5 thousand people), ranging from branch employees to executive personnel, joined Sovcombank. For example, the Far East, East Siberian and Ural directorates of Sovcombank were headed by employees from Vostochny Bank: Kirill Durnikov, Dmitry Maevsky and Tatyana Shevkunova. A compensation in the total amount of 1 billion rubles was paid to the rest of Vostochny staff that had to quit.
Sovcombank also improved the availability of the bank's products and services in key regions of presence, including Siberia and the Far East, by expanding its retail network by 264 Vostochny branches. Today, the branch network of Sovcombank already includes 2,629 offices.
“Sovcombank has a unique M&A competence, on a level with the highest world standards. We know how to choose an asset to be purchased – not only in terms of price, but also by the expertise it will bring us, and therefore, save us a lot of time on its creation. We can quickly and reliably verify the quality of assets, complete fast transactions and integrate acquisitions into the group even faster, with minimal risk and peace of mind for millions of customers and employees. The acquisition of Vostochny Bank is another confirmation of this,” commented Sergey Khotimsky, First Deputy Chairman of Management Board, Sovcombank.