Sovcombank does not rule out acquisition of other banks in near future

TASS Russian News Agency | Jun 14, 2019 at 3:18 PM

MOSCOW, June 14. /TASS/. Sovcombank does not rule out acquisition of other banks in the near future, the bank’s CEO Dmitry Gusev said in an interview with TASS.

"The bank has been growing quite rapidly in recent years. We had several mergers and acquisitions, our assets grew faster than planned after the banks we acquired merged with our bank. Today we do not have any specific plans on merger and acquisitions, and, first of all, we are counting on natural growth and new capital, which will support this growth. In the future, we do not rule out acquisitions or mergers with other banks, but not in a short-term perspective," he said.

However, Gusev noted that if there is a "unique and attractive specific offer," the bank could be ready for acquisitions in the next two years.

"Therefore, in general, we will consider banks with high-quality assets, high-quality teams, at an attractive price and which are "in good hands." In fact, today there are many bank owners in Russia who want to sell their banks, and very few bank owners who see themselves as bankers for decades. We are from the second category, we are bankers, we have no other business, and we want to remain bankers. I think this will give us the opportunity to profitably buy banks from owners from the first category," he noted.

Sovcombank is one of the five largest private banks in Russia in terms of assets, number of offices and territorial coverage. The bank provides financial services to the largest Russian corporations and Russian federal subjects, including the organization and placement of bond issues. Sovcombank also provides access to state purchases for 350,000 small and medium-sized enterprises, providing services for around a third of government purchases in the country.