Sovcombank obtained on Thursday CBRs 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 Sovcombanks development. This includes 300,000 new clients, new products and technologies, substantial expansion of the office network in the countrys largest cities," Sovkombank management board chairman Dmitry Gusev noted.
GE Money Bank offices will be rebranded into Sovcombanks 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.