UMMC Group and CREDIT BANK OF MOSCOW Expand Their Strategic Cooperation
Credit Bank of Moscow (CBM) is to acquire Commercial Bank Koltso Urala, LLC, belonging to the UMMC Group and operating in the Ural, Volga and Siberian Federal Districts.
This step caters to the parties' strategic priorities of developing their relationship by improving comprehensive financial services, including corporate and consumer lending, for UMMC Group companies and their employees, in particular by expanding the range of banking services, and further digitising and improving customer services. The terms of existing agreements with customers remain unchanged, and the financial institutions' information systems will be integrated step by step.
Andrey Kozitsyn, Chief Executive Officer, Ural Mining Metallurgical Company: In the last two years, CBM, one of the largest Russian privately-owned, federal-level banks, has established itself as a reliable partner who has a profound expertise in banking and financial services. Koltso Urala's current development initiatives and programmes seek to deliver better services for its customers, including UMMC Group companies and their employees, as regards both cash management and lending, in particular by using cutting-edge banking technologies. The transaction, negotiated since early 2020, is expected to produce synergies that would improve the quality and accessibility of financial services for Koltso Urala customers. In our turn, we want to continue our cooperation with Koltso Urala and CBM as important partners of the group.
Mikhail Polunin, First Deputy Chairman of the Management Board, CBM: We look at our cooperation with UMMC Group as a strategic, long-term relationship. Koltso Urala specialists have unique expertise that will serve as the basis for future transformations. Thanks to the well-established customer relationships, we can promote customer loyalty and expand the range of services.