Sovcombank announced its intention to buy Home Bank – Kommersant
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Sovcombank and Home Bank (formerly Home Credit Bank) agreed to merge businesses on the Sovcombank platform. The transaction is expected to be completed before the end of 2024 after receiving all regulatory approvals, the statement said. message Sovcombank on the website of the Corporate Information Disclosure Center.
“The transaction creates additional value for Sovcombank shareholders both through income from the profitable acquisition of Home Bank in 2024, and long-term effect, thanks to the synergy and scaling of Home Bank’s expertise in POS lending in 79 regions of Sovcombank’s presence “, the message says.
After completion of the transaction, the number of active retail clients of Sovcombank may increase by 50%, to 9 million, and the volume of retail and deposit portfolios will increase by 25% and 20%, to 915 billion and 945 billion rubles, the credit institution specified.
The deal will take place in two stages. The first stage involves the purchase of 51% of the shares of Home Bank through the issue of Sovcombank in the amount of 5% of the authorized capital. At the second stage, Sovcombank will acquire the remaining 49% by the end of 2024 with payment during 2024-2025.
Home Bank’s valuation for the purposes of the transaction was 80% of the credit institution’s capital, excluding perpetual bonds and dividends for 2023. After the acquisition, Sovcombank plans to rebrand Home Bank. “We plan that Sovcombank will be the name of a certain bank, and in this sense, the branch that is now a branch of Home Bank—those that will go to work for Sovcombank during 2024 will eventually be rebranded,” said the chairman of the board of Sovcombank Sergey Khotimsky.
In September 2022, the Czech PPF that owned Home Credit left the Russian banking market. She sold the remaining share of 49.5% to a group of Russian private investors. Following this, the credit institution spent rebranding and changed its name. In March 2023, the Central Bank excluded “Home Credit” from significant payment organizations.
About the activities of Sovcombank – in the material “Kommersant” “Sovcombank has completed advertising placement”.
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