Credit Bank of Moscow acquires Vesta Bank and Rusnarbank
CREDIT BANK OF MOSCOW (CBM) has signed deals to acquire 100% of the equity interests in REGION Group's Vesta Bank and Rusnarbank.
The deals mark a further step in the strategic partnership between Roman Avdeev's ROSSIUM Concern and Sergey Sudarikov's REGION Group.
The acquisition of the SME-focused Vesta Bank is a natural continuation of the two banks' earlier synergy project. They have already created a common product offering for SME customers and joint distribution channels, already making Vesta's advantageous and technologically advanced products available to CBM's customers. By consolidating their product and methodological expertise, the banks will be able to optimise their R&D expenses, improve service quality, make their SME business more effective, and attract new customers from among SME partners of large companies.
The acquisition of Rusnarbank will enable CBM to expand its product range by developing and quickly deploying car lending and commercial mortgage offerings, and to use the unique digital platform NORMA for issuing guarantees and loans to bidders as an additional sales channel. CBM will be able to capitalise on a network of partnering car dealers and agents in more than 40 regions of Russia in developing its car lending franchise.
"By acquiring Vesta and Rusnarbank, CBM will obtain expertise in areas it did not develop previously. The joint analysis of assets we started earlier has identified areas of improvement for the existing business. By consolidating our product and technological platforms, we are going to launch businesses that are new to us without any further investments," commented Mikhail Polunin, CBM's First Deputy Chairman of the Management Board.
The closure of the acquisition of Vesta Bank and Rusnarbank will be announced as a material fact on the bank's page in Interfax's news feed.