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Sovcombank ups holding in RosEvroBank

PJSC Sovcombank acquired a 9.16% stake in JSCB RosEvroBank (JSC), increasing its holding in the lender to 29%.

Sovcombank first invested into RosEvroBank in 2015 by purchasing a 9.48% stake in the financial institution.

The purchase constitutes mainly a financial investment for Sovcombank, with RosEvroBank generating a stable profit and high dividend yields for its shareholders, Sovcombank said Oct. 11, citing its management board head Dmitry Gusev.

The 9.16% stake was sold by REG Holding, which brings together individual Russian shareholders of RosEvroBank, Vedomosti said the same day, valuing the transaction at around 3 billion Russian rubles.

As of Oct. 10, US$1 was equivalent to 57.89 Russian rubles.