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Russia-based Sotsinvestbank plans merger with parent

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Russia-based Sotsinvestbank plans merger with parent

Russia-based JSC Sotsinvestbank said March 22 that it will merge with its parent, Bank Rossiysky Capital (PJSC).

The merger process is expected to be completed by the end of 2019. The merged financial institution will develop as a universal and mortgage lender, with plans to become a top-three bank in Russia in terms of issued mortgage loans, Sotsinvestbank said.

The two lenders are controlled by JSC DOM.RF Russia Housing & Urban Development Corp., which took them over from the Russian Deposit Insurance Agency in December 2017.