Severgroup agrees sale of Metcombank to Sovcombank

Severgroup, a private investment company that manages the assets of Alexey Mordashov, announces the signing of a binding agreement for the sale of PAO Metcombank («the bank»), the largest commercial bank of the Vologda region, and one of the leaders in the Russian car loan market, to PAO Sovcombank.

It is expected that the deal, with 1:1 price-to-capital value, will be closed by the end of the third quarter of 2016, once approvals have been received from the regulatory authorities.
A focused strategy and effective management have enabled Metcombank to grow from being Severstal’s domestic bank to competing with the largest banks in Russia, with an extensive portfolio of clients. Metcombank has become a leading provider of car loans. We are pleased that Sovcombank, Russia’s largest specialized player, has committed to investing in the bank and will support it in realising its full potential.
Vladimir Lukin
Deputy General Director of JSC Severgroup
 
Metcombank will benefit from Sovcombank’s broad sales reach and significant resources. Whilst maintaining the highest standards of customer service, the partnership will enable us to increase sales to car dealers and manufacturers across Russia through Sovcombank’s sales network, giving millions of Sovcombank customers access to car loans.
Sergei Khotimsk
First Deputy Chairman of the Board of Sovcombank