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Report: Sviaz-Bank changes hands before final transfer to Promsvyazbank

State Development Corp. VEB.RF transferred the shares of its unit Interregional Bank for Settlements of the Telecommunications & Postal Services, or Sviaz-Bank, to Russia's Federal Agency for State Property Management as part of the government's plans to make PAO Promsvyazbank the lender's new owner, Kommersant reported Oct. 17.

Promsvyazbank plans to issue additional shares for the agency in exchange for Sviaz-Bank shares. After Sviaz-Bank is transferred to Promsvyazbank, the two banks will merge and Sviaz-Bank will cease to exist as a separate legal entity. The merger process, however, could take some time, Kommersant noted, citing Russian Deputy Finance Minister Alexei Moiseev.

The official also said Promsvyazbank could receive 10 billion Russian rubles from Russia's budget in December and confirmed the government's earlier plans to provide the bank with a 50 billion ruble capital injection between 2019 and 2021, Kommersant said in a separate, Oct. 16 report.

Meanwhile, the newspaper also reported that Promsvyazbank plans to sell its unit PSB-Forex. The state-controlled lender, which has been turned into a financial institution specializing in providing services to Russian defense sector firms, no longer considers PSB-Forex a core business.

The potential sale could attract many investors, including foreign exchange market players that canceled their licenses in the past and large financial groups that may need a full forex license to provide a wider range of products to their customers, the newspaper noted.

As of Oct. 16, US$1 was equivalent to 64.17 Russian rubles.