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Report: Sovcombank secures regulatory approval to lift stake in RosEvroBank

The Russian Federal Antimonopoly Service authorized PJSC Sovcombank to acquire a 54.67% stake in JSCB RosEvroBank (JSC), Vedomosti reported March 22.

The two lenders announced their merger plans earlier in March in a move to create a top-three private bank in Russia, with assets of more than 1 trillion Russian rubles.

Sovcombank already has a 45% stake in RosEvroBank and plans to acquire another stake of least 35% from REG Holding, which represents the lender's Russian shareholders.

As of March 22, US$1 was equivalent to 57.12 Russian rubles.