Rost Bank announced on Thursday the completion of a transaction to acquire 98.61% of Smolensk-based SKA-Bank.
As Rost Bank specified in a press release, this acquisition, a decision on which was taken in line with the lending institution’s strategic development program, aims to “roll out the regional network by taking on board experienced management teams and work out advanced products meeting client needs”.
“Pursuing the strategy of forging a big federal bank, right now we think that the top priority is to retain the potential that SKA-Bank amassed during 22 years of operation, its authority in the regions, phase in new technologies and products, a powerful base of resources and stability," Rost Bank president and management board chairman Artem Khenkin said, addressing SKA-Bank executives and employees.
Rost Bank is former Bank Kazansky, based in Tatarstan, which moved its headquarters to Moscow and went through rebranding after Moscow-based lender Rost was folded into it in summer 2013. Rost Bank operates 46 branches in various regions and over 50 units and cash desks. The lending institution runs a branch (in an administrative center) and an additional office (in Vyazma) in the Smolensk region.
SKA-Bank operates 4 branches and around 20 offices and cash desks in the Smolensk region, and also a Moscow unit.
As many as two banks (Smolensky Bank, No. 1 in the Smolensk region, and affiliated Bank Ascold) left the Smolensk regional market in December 2013 after licenses were revoked initially from Smolensky Bank and later from Bank Ascold. Of two Smolensk region-registered banks SKA-Bank is a larger one.
