VTB completes legal merger of Crimea's largest bank

MOSCOW. June 16 (Interfax) - VTB has finalized the legal merger of Crimea's largest bank, Russian National Commercial Bank (RNCB), with integration procedures to be completed by the end of 2025, VTB CEO Andrei Kostin was quoted as saying by the bank.

"Completing RNCB's integration is not just a technical step. We hold RNCB in high regard. It is the flagship of the peninsula's financial market and has played a vital role, without exaggeration, in the modern history of Crimea and Sevastopol. We have preserved the financial services and favorable conditions familiar to clients and will continue servicing them in the offices Crimeans and Sevastopol residents are accustomed to. By the end of the year, we will migrate over 2 million retail clients of RNCB to VTB's infrastructure, ensuring maximum comfort for them," Kostin said.

The process of merging RNCB with VTB began in June 2024. Since last autumn, retail clients have gained access to all VTB products in RNCB offices. Starting June 12, VTB will continue servicing clients in the offices familiar to Crimeans and Sevastopol residents. Meanwhile, RNCB debit and credit cards will function as VTB cards until their expiration dates.

The migration of over 2 million retail clients from RNCB to VTB will take place by the end of the year. The automatic transfer of RNCB clients' escrow accounts has already been completed. A rebranding of RNCB's branch network is also planned by the end of the year.

In addition, as part of RNCB's integration, more than 250 major companies in Crimea and Sevastopol switched to VTB's payment infrastructure starting June 16.

As of Q1 2025, RNCB ranked 22nd in assets among Russian banks in the Interfax-100 ranking, with assets totaling 583.6 billion rubles.