The court approved the agreement on the transfer of the Tsifrabank trademark to Freedom Finance
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The Intellectual Property Rights Court approved a settlement agreement in the case brought by Freedom Finance Bank seeking to terminate the legal protection of the Tsifrabank trademark, owned by Mobius Venture LLC. Prime reports this with reference to the court ruling.
According to the terms of the settlement agreement, Mobius Venture will transfer to Freedom Finance the exclusive right to the Cifrabank brand and the rights to own the domain names cifrabank.rf and cifrabank.ru. Freedom Finance, in turn, will transfer 26.4 million rubles to the organization by November 15.
During the transition period, which will last a year, Mobius Venture will be able to use the brand, gradually switching to a new one. The organization will terminate the agreement with the Russian Regional Bank, which was granted the right to use the Tsifrabank brand in 2018.
In 2022, the investment holding Freedom Holding Corp. fully came out from Russian business by selling a 100 percent stake in the authorized capital of the investment company Freedom Finance and Freedom Finance Bank. Later Russian business holding announced on rebranding, within which the company will be renamed “Tsifra Broker” and the credit institution will be renamed “Tsifra Bank”. On website The bank’s new name has already been indicated.
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