Strategic partnership of Credit Bank of Moscow and UMMC is taken further with closure of Koltso Urala bank's acquisition

11.03.2021

Credit Bank of Moscow (MKB) and UMMC group have closed the acquisition of Koltso Urala. This step caters to the parties' strategic priorities of developing their relationship as previously announced 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, capitalising on successful experience and know-hows of both MKB and Koltso Urala. All branches will continue working in accordance with Koltso Urala standards, providing the full range of services to individuals and legal entities. Koltso Urala will remain UMMC's key provider of cash management, acquiring and other banking services.

 

"It has been agreed that Ural Mining Metallurgical Company will not only continue, but also expand its business with Koltso Urala and MKB, one of the largest privately-owned, federal-level banks in Russia, which has established itself as a reliable partner and has a profound expertise in banking and financial services. I'm sure that the synergy between Koltso Urala's unique experience in the Ural region and MKB's professional competences will bring better service quality for us as customers and will make our cooperation even more constructive. Furthermore, UMMC will get additional financial and organisational resources to develop its core business: mining and metallurgy," underlined Andrey Kozitsyn, Chief Executive Officer of UMMC.

 

"Our cooperation with UMMC group has a strategic, long-term nature. Koltso Urala specialists have a unique expertise which will serve as the basis for future transformations. Thanks to the established customer relationships, we can improve customer loyalty and expand the range of services," noted Mikhail Polunin, First Deputy Chairman of the Management Board of MKB.

 

Koltso Urala ranks #103 among Russia's largest banks by assets (Interfax 100, 2020). In June, Expert RA upgraded its credit rating to ruBBВ- with a stable outlook. The bank has more than 40 offices in the Ural, Volga and Siberian Federal Districts. In total, Koltso Urala services more than 16,000 corporate and 280,000 private customers.