Sovcombank has acquired nearly 10% of Modulbank shares from Uniastrum Bank, the lending institution said in a press release. The press release runs that the board of directors approved the acquisition of a 9.99% stake for Rub 415.5 mln. Under the terms of the deal Sovcombank will get a board seat at Modulbank.
Earlier Modulbank's majority shareholders were Artem Avetisian (57.11%) and Uniastrum Bank (24%). In 2014, SME services, a business set up by former Sberbank executives, were launched on the basis of the bank.
"Modulbank commands a promising niche, which presently lacks tough competition among big banks. Modulbank attracted our attention by its absolutely new view of small-business operations. This is done not only through an easy-to-use technology product, but also via a new approach in principle of serving customers. As a result, Modulbank attracted 16,000 customers within just 18 months. Last year, Sovcombank announced the shift towards a universal business model, as part of which we also plan to roll out SME operations. We are interested in Modulbank's expertise in the SME online services market," Sovcombank first deputy management board chairman Sergei Khotimsky commented.
