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MKB absorbs Koltso Urala bank

31.05.2021

Credit Bank of Moscow (MKB) announces the launch of its reorganisation by accession of Koltso Urala bank.

After the accession, Koltso Urala's branch network will be gradually integrated into MKB’s regional network. This will substantially broaden MKB’s presence in the Ural, Siberian and Volga Federal Districts, and its products will become available there to both existing customers of Koltso Urala and new ones, in particular from the public sector.

"We have an ambitious task of migrating smoothly Koltso Urala's network to our standards, while retaining the unique expertise of its specialists, so as to enhance our value proposition for the combined clientele and establish ourselves as a new strong banking market player in as many as three Federal Districts at once," commented Mikhail Polunin, MKB's First Deputy Chairman of the Management Board.

In March 2021, MKB and UMMC Group 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.