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Sovcombank to buy Garanti Bank's Russian unit, completes Metcombank purchase

TürkiyeGaranti Bankasi AS agreed to sell to PJSCSovcombank for $40.5 million, although the price is "subjectto certain adjustments," according to theTurkish bank's Oct. 10 announcement.

The deal still needs to be approved by regulators. Thetransaction is expected to be completed by the end of 2016, Sovcombank said thesame day.

The Russian lender, which also invests in high-tech assets,added that it also signed an agreement to acquire an electronic platform calledOOO RTS-Tender for an undisclosed sum.

In addition, Sovcombank completed the of fromSevergroup, which manages investments of Russian businessman Alexei Mordashov, Vedomosti said Oct. 7, citing Interfax.

As a result, Igor Lappi was appointed as Metcombank'smanagement board chairman, while his predecessor, Yuriy Nikishev, wasre-elected to the lender's board of directors, the newspaper noted.