By Andrei Skvarsky.
Russia’s Sovcombank, a universal bank with an extensive nationwide retail network, has enlarged its interest in another Russian lender, Rosevrobank, by buying an 11-per-cent stake in the latter from the European Bank for Reconstruction and Development (EBRD).
According to a statement from Sovcombank, the purchase leaves the bank with a stake of about 45 per cent in Rosevrobank.
As of January 1, 2018, Sovcombank ranked 17th and Rosevrobank 44th by assets among Russia’s more than 500 banks.
Sovcombank has more than 2,000 branches across Russia and has its headquarters in Kostroma, a historic city 300 kilometres (190 miles) from Moscow. It is a 100-per-cent subsidiary of Dutch-domiciled company SovCo Capital Partners B.V., which, in turn, is owned and managed by Russian nationals.
Rosevrobank, which is headquartered in Moscow, is a subsidiary of UK-based REG Holdings Limited.