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SocGen to merge its 2 Russian subsidiaries

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SocGen to merge its 2 Russian subsidiaries

Russian lender PJSC ROSBANK will merge with its unit Commercial Bank DeltaCredit JSC, which specializes in mortgage loans, the latter said March 20.

The merger is expected to be completed by June 1, news agency Prime reported the same day, citing Rosbank CEO Ilya Polyakov, who also said the mortgage business of the merged bank will be named Rosbank Dom.

The two Russian banks are controlled by Société Générale SA. As of Jan. 1, Rosbank and DeltaCredit ranked as Russia's 13th and 40th biggest banks, respectively, according to Prime, holding assets worth 1.1 trillion Russian rubles and 247.8 billion rubles.

As of March 19, US$1 was equivalent to 64.41 Russian rubles.