Russian lender Promsvyazbank is set to merge with Samara-based Pervobank amidst intensifying banking consolidation in the country due to a sluggish economy and high interest rates.
Under the merger deal, shareholders of Pervobank will receive a 5% stake in Promsvyazbank and a seat on the board.
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Commenting on the merger, Promsvyazbank chairman Artem Konstandian in a statement said: "We expect to achieve synergies, including increased business efficiency and scale, as well as network expansion."
Konstandian added that following completion of the merger, the bank will secure strategic development goals in the Volga region, where Pervobank is focused.
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