Sovcombank

From Wikipedia, the free encyclopedia

Sovcombank
FormerlyBuycombank
TypePublic joint stock company
IndustryBanking
Founded1990
Headquarters
Kostroma
,
Russia
Key people
  • Sergey Khotimskiy
  • Dmitry Gusev
ProductsFinancial services
RevenueRUB 90.734 billion (2020)[1]
RUB 39.2 billion (2020)[1]
Total assetsRUB 1483.36 billion (2020)[1]
Total equityRUB 188.259 billion (2020)[1]
OwnerSovco Capital Partners
Websitesovcombank.ru/en/about/info
Sovcombank building, Moscow

Sovcombank (Public Joint-Stock Company "Sovcombank", Russian: Совкомбанк) is a large Russian privately owned universal bank included in the list of 13 systemically important Russian banks.[2] In terms of assets, it ranks 9th among Russian banks (1,483 billion rubles).[3]

From 1990 its initial name was Buycombank (after former headquarters town Buy in Kostroma region) before been bought and rebranded into Sovcombank and his partners in February 2003.[4]

The main owner of Sovcombank (86.5%) is the Russia-based company JSC Sovco Capital Partners, owned by private Russian shareholders.[5][1] After operating within Netherlands and Luxembourg jurisdiction, from September 2021 the holding company of Russian shareholders of Sovcombank was reregistered in special administrative region of Oktyabrsky island of Kaliningrad oblast in Russia.[6][7]

History[]

Sovcombank was registered on November 1, 1990 in the Buy town, Kostroma Oblast. It was originally known as Buykombank.[8]

In 2002, Buykombank was acquired by Sergey Khotimsky and Mikhail and Vasily Klyukin brothers. In February 2003 the bank was renamed Sovcombank ("Modern Commercial Bank"). The head office was relocated to Kostroma.[8][9]

In September 2007, the shareholder of Sovcombank became the international investment company from the Netherlands TBIC Financial Services BV (TBIF).[10] As a result of this transaction, Sovcombank turned out to be the only owner of TBIF assets in Russia represented by the Siberian Arch Credit Network (about a thousand salespies). Under the terms of the transaction, the Kardan TBIF subsidiary received 50% of the shares in Sovcombank, making 100% of the Arch and about $65 millions. Khotimsky and partners issued their shares through the Netherlands Sovco Capital Partners.

In 2010, Vasily Klyukin came out of the composition of shareholders and the Ukrainian entrepreneur Pavel Fuks entered.

In May 2012, TBIF sold its share to other Sovkombank shareholders,[11] having received €123 million and earned €59 million.

At the end of 2015, Pavel Fuks sold his part (21.83%) in Sovcombank, which was estimated at $80 million.[8]

In early 2019, another additional issue was held, as a result of which the authorized capital of Sovcombank increased by ₽ 100 million to ₽ 1.97 billion. Shares were redeemed by Russian Direct Investment Fund and Ayar International Investment Company (Saudi Arabia), which were already shareholders, as well as new investors — Bahrain Mumtalakat Holding and the Russian-Japanese investment fund.[12]

In 2019, bank took part in UN initiative for responsible financial activities.[13]

In 2020, Sovcombank started preparations for the IPO — its shareholders approved listing on the Moscow Stock Exchange. Goldman Sachs, JP Morgan and Morgan Stanley were chosen as the placement managers.

In the 2020 Bank of Russia included Sovcombank into a list of systemically significant banks.[14][15]

In 2021 Sovcombank closed the deal to buy Vostochny Bank from its key shareholders - Baring Vostok Fund, Finvision Company and Sherzod Yusupov.[16]

In December 2021, Sovcombank bought insurance division "CiV Life" from HDI International AG, affiliate of Talanx group. The deal is previewed to be closed in the first quarter of 2022.[17]

Ratings[]

Fitch Ratings affirm rating "BB+" in September 2021.[18]

Standard & Poor’s affirmed the "BB" foreign currency long terms credit rating of Sovcombank on January 15, 2021, outlook was revised to "positive" from "stable".[19]

Moody's assigned "Ba1" rating to Sovcombank's proposed LPNs in January 2021.[20]

ACRA upgraded Sovcombank to 'AA-(RU)" and changed outlook to "stable" in April 2021.[21]

References[]

  1. ^ a b c d e "IFRS Results 2020 (Eng)". Retrieved 6 April 2021.
  2. ^ "List of systemically important credit institutions approved". Central Bank of Russia. 11 October 2021.
  3. ^ "ИНТЕРФАКС-100. Банки России. Основные показатели деятельности (тыс. рублей) - 2020 г." finmarket.ru (in Russian). Retrieved 6 April 2021.
  4. ^ "General Information". sovcombank.ru. Retrieved 4 August 2021.
  5. ^ "Sovco Capital Partners is re-registered from Luxembourg". AK&M. 13 September 2021. Retrieved 26 September 2021.
  6. ^ "В Калининградском офшоре зарегистрировалась структура Совкомбанка" (in Russian). РБК. 3 September 2021.
  7. ^ "A holding structure of Sovcombank is registered in the SAR on Oktyabrsky Island (Kaliningrad Region)". Kaliningrad Region Development Corporation. 3 September 2021. Retrieved 26 September 2021.
  8. ^ a b c Дмитрий Яковенко, Forbes, 29 марта 2018.
  9. ^ Совкомбанк
  10. ^ "Голландцы обошли Москву" (Газета "Коммерсантъ" ed.). 13 June 2007. p. 15.
  11. ^ "Сделка по продаже 50-процентной доли холдинга Kardan N. V. в Совкомбанке будет закрыта до конца мая | Банки.ру". www.banki.ru. Retrieved 13 November 2017.
  12. ^ Александра Астапенко (18 January 2019). "Совкомбанк нашел новых инвесторов Его акции планируют купить суверенный фонд Бахрейна и Российско-японский инвестиционный фонд". «Ведомости». Retrieved 12 October 2020.
  13. ^ Вледимир Миронов (25 September 2019). "Банки ответят за устойчивое развитие На днях первый российский банк стал членом международной группы финансовых организаций, подписавших "Принципы ответственной банковской деятельности" Финансовой инициативы Программы ООН по окружающей среде (UNEP FI)". Finversia.ru (финансовый портал). Retrieved 14 October 2020.
  14. ^ "List of systemically important credit institutions approved". Central Bank of Russia. 29 October 2020. Retrieved 31 October 2021.
  15. ^ "ЦБ добавил Совкомбанк в список системно значимых кредитных организаций Всего в перечень входят 12 банков, на долю которых приходится около 74% совокупных активов российского банковского сектора". ТАСС. 29 October 2020. Retrieved 3 November 2020.
  16. ^ Kolodyazhnyy, Anton; Fabrichnaya, Elena (25 March 2021). "Russia's Sovcombank buys Vostochny from U.S. investor Calvey's firm, others". Reuters. Retrieved 31 October 2021.
  17. ^ "Совкомбанк стал собственником страховой компании СиВ Лайф" (in Russian). Интерфакс. 27 December 2021.
  18. ^ "PJSC Sovcombank". Fitch Ratings. 1 September 2021.
  19. ^ "S&P Global Ratings revised outlook on Sovcombank to positive and affirmed at "BB" (Foreign Currency LT) credit rating". CBonds. 18 January 2021.
  20. ^ "Sovcombank PJSC". Moody's. 3 August 2021. Retrieved 1 November 2021.
  21. ^ "Public Joint-Stock Company "Sovcombank"". ACRA. 19 April 2021. Retrieved 1 November 2021.

External links[]


Stub icon 1 Stub icon 2

This bank and insurance-related article is a stub. You can help Wikipedia by .

  • v
  • t
Retrieved from ""