Russia’s VTB Bank has completed the acquisition of a 40% stake in system integrator Technoserv Group.
The financial details of the deal were not disclosed by the companies.
Go deeper with GlobalData
The acquisition was completed after VTB received approval from Russian Federation’s Federal Antimonopoly Service.
With the transaction now complete, VTB can appoint its representatives on the Technoserv Group’s Board of Directors.
The deal is expected to boost the bank’s technological expertise and significantly increase VTB Group’s capability to introduce new products and services.
VTB also expects the acquisition to have a positive impact on its overall financial performance.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataTechnoserv Group chairman of the board Alexey Ananiev said: “VTB is Russia’s leading banking group with which Technoserv has a long-standing relationship as a major client and a financial partner.
“This transaction makes VTB a strategic partner in the development of our business in the open IT market.
“Moreover, the potential of Technoserv as one of the largest domestic system integrators will be realised as a priority in the development of digital services of VTB Group and its affiliated companies.”
