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Russia-based Sovcombank buying into local lender, brokerage company


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Russia-based Sovcombank buying into local lender, brokerage company

PJSC Sovcombank said Dec. 4 that it acquired more than 20% in Volga-Caspian Joint-Stock Bank (JSC) to strengthen its position in Russia's Astrakhan region.

The financial details of the transaction and the name of the seller were not disclosed. Vedomosti reported that Sovcombank plans to increase its stake in Volga-Caspian Bank in the future to take control of the lender.

Meanwhile, Kommersant said Dec. 5 that Sovcombank also agreed to acquire a 50.1% holding in brokerage company Septem Capital, pending approval from Russia's Federal Antimonopoly Service.

Sovcombank co-owner Sergey Khotimskiy told Kommersant the transaction is the lender's first step to develop brokerage services for retail investors.