Kirill Sokolov who held office as the first deputy management board chairman at Sovcombank was appointed management board chairman at GE Money Bank, the lending institution said in a press release.

In this capacity Kirill Sokolov will oversee the integration of two banks.

On February 7, 2014 Sovcombank wrapped up the acquisition of a 100% interest in GE Money Bank. All GE Money Bank offices will be rebranded as Sovcombank’s in the first half of 2014.

As of December 31, 2013 Sovcombank’s aggregate assets, according to the interim IFRS financial statement, totaled Rub 124.5 bln, or Rub 30 bln (31.7%) higher than in 2012. The lender’s net profit came to Rub 3.7 bln, or Rub 152.1 mln (4.3%) more than the year-ago indicator. The bank’s retail credit portfolio reached Rub 61.7 bln, and last year this metric jumped Rub 16 bln (35.1%). During the reporting period the portfolio of term retail deposits amounted to Rub 72.4 bln, or Rub 17.5 bln (31.9%) above the data as of December 31, 2012.

The agreement on the acquisition of a 100% interest in GE Money Bank was penned on October 28, 2013. The transaction price is not disclosed. As the bank said in the press release, “Sovcombank will fully meet its obligations to GE Money Bank clients and will offer the best products and services to them”.