Rosbank will merge with Rusfinance Bank in 2021

    05 November

The Board of Directors of Rosbank decided to merge with Rusfinance Bank, a Rosbank subsidiary, which is the leader of the Russian car loan market for issuing car loans for the first 9 months of 2020 (Frank RG).

The merger of Rusfinance Bank is in line with the current transformation strategy in Rosbank Group. The decision was made based on the successful experience of integrating the mortgage business and creating unified centers of expertise in the Group, as well as in order to improve the efficiency of the retail business and expand opportunities for cross-selling.

It is planned that the reorganization will be completed in H1 2021. The format and terms of client service remain the same. At the same time, after the completion of the merger process, Rosbank will become the legal successor of Rusfinance Bank.

After completing the merger procedure, clients of Rusfinance Bank will be able to get significant benefits and discounts to the interest rate on car loans when transferring salary to Rosbank accounts. Car loan borrowers will be offered Bank cards with a cashback option on special terms to get additional benefits when paying for goods and services. In addition, clients will have access to the entire range of products and services not only of Rosbank, but also Rosbank Dom with the possibility of obtaining a mortgage loan. The credit service process will be improved: account opening and mobile banking connection will be accelerated, so that the credit service is as convenient as possible for clients.

"Car loans are a strategic direction for the development of retail business of Rosbank Group. The merger of Rusfinance Bank will provide more resources for further growth of this segment in the future, as well as for reducing the time to market new products and services and their digitalization. Most importantly, the simplified structure of the Group will open up new opportunities for our clients and partners, offer them a wider range of banking products and increase business profitability", Ilya Polyakov, CEO of Rosbank and Chairman of the Board of Directors of Rusfinance Bank.

Earlier, starting from July 1, 2020, Rusfinance Bank's clients got access to the entire infrastructure and products of Rosbank. Clients were provided with new remote capabilities when working with the web version and mobile application INFO-Bank, and physical client service was transferred to additional offices of Rosbank, providing a wider range of banking services.