RBC DAILY. Leasing firm Europlan has announced the acquisition of Orient Mortgage Bank. “The deal aims to generate a synergy effect from the use of leasing, and also credit and other banking products," RBC daily reported quoting Europlan president Nikolay Zinoviev as saying. In turn, the company’s VP for business development Alexander Mikhailov said that the bank intends to roll out retail business. According to him, in the future Orient Mortgage Bank will be renamed in Bank Europlan and as part of retail network expansion the bank will exploit business models of the leasing company that operates in 70 regions.
The bank also plans to increase its capital, but Mikhailov did not specify by how much.
Europlan’s major shareholders are Baring Vostok and Capital International whose equity stakes are not disclosed. Until recently Orient Mortgage Bank was 100% owned by Orient Express Bank. Last December Orient Express Bank acquired Santander Consumer Bank (part of Banco Santander) that was renamed in Orient Mortgage Bank this May.
Experts point out that this is the first instance in Russia when a leasing company buys a bank. “Mostly leasing companies are part of holdings involving banks or operate as subsidiaries," says Pavel Samiev, deputy general director at rating agency Expert RA.
