SocGen's Russian subsidiaries complete merger procedure

Russia-based PJSC Rosbank completed its merger with local unit LLC Rusfinance Bank, with the latter financial institution terminating its activities.

Following the merger, Rosbank set up a new branch, Rosbank Auto, that took over Rusfinance Bank's car loan business.

The merger simplified Rosbank's organizational structure and will help the bank remain one of the leaders in Russia's car loan market thanks to the competitive advantage, greater synergies and cross-selling opportunities generated by the integration, the lender said March 1.

Société Générale SA is the ultimate parent of Rosbank.