Ozon completes reorganization of banks, united financial organization to continue under Ozon Bank brand
MOSCOW. April 12 (Interfax) - Ozon has completed the reorganization of its banks Ekom Bank and Ozon Bank. The combined financial institution will continue to operate on the basis of a universal license under the Ozon Bank brand.
The reorganization process was launched in September 2022, while the company had spent two years developing its own financial infrastructure, Ozon said in a press release.
"The presence of a universal banking license, combined with the recognizable brand of the marketplace, will allow us to continue developing the financial services demanded by businesses and consumers. The completion of the reorganization does not affect operations with our clients in any way: all the terms of interaction for individuals and legal entities remain the same," Ozon said in a statement.
In the spring of 2021, Ozon became the owner of Oney Bank, which they subsequently renamed Ozon Bank. The asset was purchased from Sovcombank. Due to the alleged affiliation of Ozon Bank with Sovcombank in February 2022, OFAC imposed sanctions against the asset. Ozon protested the decision, and the sanctions were lifted just over a month later.
Nevertheless, during this time, Ozon managed to register a new banking subsidiary, Ekom Bank, with a universal license from the Central Bank for banking operations with funds in rubles and foreign currency.
In September, Ozon made the decision to merge its banking assets; it was reported that due to the availability of a universal license, it was Ekom Bank that would become the assignee of all the rights and obligations of Ozon Bank, which had been operating on a basic license.
In February 2023, Russian President Vladimir Putin signed a decree authorizing the merger of banks.
A special regime for coordinating transactions with shares of Ozon subsidiary banks has been in effect since October 2022, when Ekom Bank and Ozon Bank were included in the list of Russian credit institutions for whom there was a ban on transactions involving shares and securities, as well as contributions to charter capital, without special permission from the President for such operations. Most of the list is comprised of subsidiaries of banks from unfriendly countries, but there are also divisions of Russian companies in the IT and e-commerce sectors where foreign holding companies are involved in their ownership (Yandex , VK and Ozon).