Sovcombank entered into an agreement to purchase 100% of GE-controlled GE Money Bank, Sovcombank said in a press release.

The deal will be closed shortly after receipt of relevant approvals from FAS and the Bank of Russia, which Sovcombank expects to obtain within several months. The transaction price is not disclosed.

In early September the media wired that negotiations over the sale of GE Money Bank were held with private pension fund Blagosostoyanie and Sovcombank. Sovcombank co-owner Sergei Khotimsky told Kommersant at that time that the bank explores business expansion via acquisitions.

All GE Money Bank offices will be shifted to Sovcombank’s single brand. There will be no change in Sovcombank’s positioning, the bank noted, while all obligations to GE Money Bank clients will be fulfilled. Sovcombank thinks this deal will help it turn into multi-regional into a federal bank.