VTB has reached an agreement and signed a memorandum of understanding with the shareholders of Zapsibcombank, a leading bank in the Urals Federal District, to buy over 70% percent of the bank’s shares, VTB’s press service reports.
Under the agreement, VTB will buy a controlling stake, the final volume of which will be agreed after VTB makes a mandatory share purchase offer to minority shareholders. The deal is expected to be closed by the end of 2018 once VTB Group gets all regulatory approvals. The parties intend to continue offering key products and services for Zapsibcombank’s private and corporate clients. The new owner will continue to improve the bank’s services and competitive advantages based on VTB Group’s technological and financial expertise. Zapsibcombank’s team, which has a considerable experience in the Tyumen Region and other areas of the bank’s operation, will be reinforced with VTB managers.
After closing the deal, the parties will coordinate further steps to continue the integration, which is to be completed by 2020, when Zapsibcombank will be united under VTB brand. The bank’s development strategy will include the further strengthening of the integrated bank in the Urals region.
Zapsibcombank is a leading bank in the Urals region with over 600,000 private and 21,000 corporate clients. Its acquisition will allow VTB to almost double its share in the region’s retail loan market, increase its liabilities by nearly 150 percent and double the number of outlets in the Tyumen Region.