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Russia-based Sovcombank takes control of Volga-Caspian Bank

PJSC Sovcombank increased its holding in Volga-Caspian Joint-Stock Bank (JSC) to 91%, having purchased the lender's shares from its key shareholders and managers.

The central bank approved the transaction, Sovcombank said March 25. Financial details of the deal were not disclosed.

Prior to the transaction, Sovcombank owned more than 20% of Volga-Caspian Bank, which it acquired in December 2019.