Vozrozhdenie Bank : GSMs and Promsvyazbank to Consider Merger

The Boards of Directors of PJSC Bank Vozrozhdenie and PJSC Promsvyazbank (PSB) have submitted to their respective Extraordinary General Shareholders' Meetings the issue of PSB restructuring through integration of Bank Vozrozhdenie. The decision will be taken by 26 October by absentee voting.

Bank Vozrozhdenie joined the holding company Promsvyazcapital B.V. (PSC) in 2015, triggering integration processes between the two banks implemented so far: transition to a single operational and technological platform, centralization of back-office functions, unification of product offering and development of cross-selling. Today, most of PSB products and services are available to Bank Vozrozhdenie customers and vice versa.

PSB is one of the leading Russian privately owned banks with assets of RUB 1.2 trln and equity of RUB 151 bn as of 1 July 2017, according to IFRS. PSB is recognized as systemically important financial institution. PSB operates through a network of approximately 300 sales offices in Russia, and has a branch in Cyprus and a representative office in China.

Bank Vozrozhdenie is a bank providing retail banking and business services in Russia. According to the Bank of Russia, Bank Vozrozhdenie is a Top-30 Russian bank. It holds the 2016 National Banking Award for contribution to economic development of the Moscow Region, the Financial Elite of Russia Award as the Best Mortgage Bank of 2015, and has been consistently a Top-10 bank in terms of mortgage lending in the primary market and a Top-10 bank in terms of the growth rate of issued housing loans. Vozrozhdenie Bank operates through a network of more than 120 offices and approximately 2,000 ATMs, including partner ATMs. The Bank serves 1.3 mln retail customers and more than 42,000 corporate customer accounts.