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Report: VEB considers off-loading subsidiary to fellow state-owned lender

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Report: VEB considers off-loading subsidiary to fellow state-owned lender

Russian state-owned development lender Vnesheconombank has proposed transferring Sviaz-Bank to PAO Promsvyazbank, also controlled by the state, news agency Prime reported Dec. 12.

VEB's head Igor Shuvalov said that the proposal, which would involve shifting Interregional Bank for Settlements of the Telecommunications & Postal Services, or Sviaz-Bank, was presented to the central bank and the finance ministry.

Promsvyazbank said it was conducting the financial assessment of Sviaz-Bank ahead of the potential transaction.

VEB took control of Sviaz-Bank and another local lender, Globex Bank, during the financial crisis of 2008 and 2009, and decided to sell them in 2016 as part of its strategy to divest noncore assets.

A number of potential buyers expressed their interest in the banks, but the transactions fell through, and VEB decided to merge the two banks in 2018, with the process completed in November.