Sovcombank announced its resolve to buy into Rosevrobank by acquiring a 9.48% interest from foreign funds Renfin and Renfin II, the lending institution's press service told Banki.ru.
"Rosevrobank is one of the best corporate banks in Russia which steadily delivers the perfect financial performance. The bank's IFRS profit totaled Rub 3.9 bln in January — June 2015, while ROE topped 35%. This is a unique result given the current conditions in the banking market," Sovcombank management board chairman Dmitry Gusev commented.
"Renowned international development institutions, the EBRD and DEG, are among the bank's shareholders. All these factors show that this is a good investment in a high quality asset," he believes.
Recently Sovcombank got a capital injection of Rub 6.3 bln as part of the government-led program to raise capitalization of the banking sector using federal loan bonds.
