The Federal Anti-Trust Service has approved a request filed by Sovcombank seeking to buy a 100% voting stake in Metcombank, FAS said in a press release.
Sovcombank said that it mulls buying Sovcombank in late August.
"The deal worth around one capital of the bank is expected to be wrapped up before the end of 3Q 2016 upon receipt of all required approvals from regulatory authorities, Sovcombank said.
"Metcombank's team will gain access to a wider network of branches and substantial resources at Sovcombank. The merger will help boost sales at the bank's partners – dealerships and auto makers all across Russia through Sovcombank's sales network. Millions of Sovcombank customers will gain access to auto loans," Sovcombank first deputy management board chairman Sergey Khotimsky commented.
