State-owned Russian lender VTB Bank has completed the integration of Bank of Moscow, which received a $14bn state rescue package in July 2011.
Under the terms of the reorganization, VTB will fulfill all of Bank of Moscow’s obligations to its customers.
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According to IFRS, VTB Bank has absorbed Bank of Moscow’s core business, which amounts to approximately 70% of Bank of Moscow’s assets worth over RUB 900 billion.
Over 10 million retail, small business and corporate customers became clients of VTB Bank as a result of this transaction.
VTB Bank in a statement said former branches of Bank of Moscow will become branches of VTB Bank and will continue operating as usual.
"Following the merger, there will be no changes to account numbers already held with Bank of Moscow. The provision of products and services will continue under the existing terms and conditions, and therefore there is no need for customers to renew current agreements," the statement read.
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By GlobalDataAlso, the Bank of Moscow logo will continue to appear along with the VTB Bank logo on retail branch signs and promotional products.
VTB intends to transition the business to a single brand and banking platform in the medium to long term o bolster its overall competitive position in the Russian market.
