The procedure for reorganizing Sovcombank by taking over Cherepovets-based Metcombank has started, the Chief Directorate of the Central Bank of Russia in the Central Federal District said on Thursday.
In October 2016, Alexey Mordashov's Severgroup said it wrapped up the sale of a 100% stake in Metcombank, the biggest commercial bank in the Vologda region, to Sovcombank.
For the record, Sovcombank's recent acquisitions include Bank Poidem! which was previously part of financial group Life. The Deposit Insurance Agency (DIA) put up its shares for sale together with a number of other assets held by bankrupt Probusinessbank, the core of which was financial group Life. Sovcombank, which is already a rehabilitation agent and the 100% owner of another Life Group financial institution (Express-Volga), became the owner of Bank Poidem! upon results of the DIA auction in November.
News also broke this October that Turkish lender Garanti Bank intends to sell its Russian subsidiary, Garanti Bank – Moscow, to Sovcombank. The deal is planned to be wrapped up upon receipt of all approvals from regulatory authorities.
In addition, the media wrote that Sovcombank is interested in Vnesheconombank's subsidiary (Svyaz-Bank and Bank Globex), and also about Sovcombank's possible participation in Bank Peresvet's rehabilitation. However, Sovcombank first deputy management board chairman Sergey Khotimsky denied the latest report, telling RIA Novosti that "we will definitely not rescue Bank Peresvet. We do not have any competence in the construction industry, project development, recovery from home builders therefore we are not interested regardless of rehabilitation terms".
