Sovcombank obtained on Thursday CBR’s approval to buy GE Money Bank, the lending institution said in a press release.

“Taking over GE Money Bank marks the beginning of a new stage in Sovcombank’s development. This includes 300,000 new clients, new products and technologies, substantial expansion of the office network in the country’s largest cities," Sovkombank management board chairman Dmitry Gusev noted.

GE Money Bank offices will be rebranded into Sovcombank’s in the first half of 2014, the lending institution specified in a press release.

Sovcombank entered into an agreement to purchase 100% of GE-controlled GE Money Bank in late October. The transaction price was not disclosed.