Rosbank and TBank shareholders decide to merge organizations

MOSCOW. Nov 2 (Interfax) - Shareholders of Rosbank and TBank , formerly Tinkoff Bank, have decided to merge the two credit organizations, the banks said.

TBank must notify the Central Bank of Russia's department for licensing and supervision of financial institutions about the start of the reorganization procedure within three working days.

It was earlier reported that Rosbank may become a branch of TBank. The unified organization will have only one banking license. It is planned that their integration will be completed in Q1 2025.

For the merger with Rosbank, TBank will issue additional shares with a nominal value of 3 billion rubles. TBank will issue 300 million shares with a par value of 10 rubles each. One TBank share will be exchanged for 5.88 Rosbank shares, also with a par value of 10 rubles.

TBank's charter capital currently stands at 6.772 billion rubles. It could increase 44% to 9.772 billion rubles after the additional shares are issued. Rosbank's charter capital is currently 15.514 billion rubles.

In mid-August, TCS Holding, which owns TBank, gained control of 99.4% of Rosbank's shares. The effective acquisition multiplier for Rosbank was 0.8 of its total capital.

After the merger, TBank is expected to rank fifth among Russia banks by retail deposits, which stand at 2.1 trillion rubles, and fourth by retail loan portfolio at 1.9 trillion rubles. TBank's capital will exceed 500 billion rubles.

TCS Holding's main shareholder is Interros, owned by Vladimir Potanin, who has a 41.4% stake in the group.