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April 5, 2022

Sanctioned Russian lender VTB sells Multibonus to Pochta Bank

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Russian government-backed lender VTB sold technology firm Multibonus to its local affiliate Pochta Bank for an undisclosed sum, an Interfax report said. 

It is believed that the acquisition of Multibonus will help Pochta Bank in developing new loyalty programmes and launch new offerings for everyday use including for young customers. 

“The acquisition of technology company Multibonus is another step toward changing the structure of Pochta Bank’s business. We have moved from a monoline lender strategy to a daily banking model, offering clients a broad range of convenient and attractive services for daily banking,” Pochta Bank was quoted by the news agency as saying. 

Multibonus offers rewards on purchases made using VTB and Pochta Bank cards, which can be used to pay for other services or can be transferred in money to the card. 

Pochta Bank is looking to further develop its capabilities in this area using internal resources and acquiring ready businesses, the bank said. 

The news comes as the VTB Bank faces unprecedented sanctions in the wake of the Russian invasion of Ukraine. 

Notably, VTB Bank Europe SE, the European arm of VTB, has already been put up on sale by German regulators after sanctions cut it off from its parents.

Ever since the war began, VTB has been trying to dampen the impact of sanctions by divesting its assets in Russia and abroad. 

On 24 February, the government-backed lender sold two shares in Pochta Bank to the latter’s CEO Alexander Pakhomov, dropping its stake below the controlling threshold. 

Concurrently, VTB sold its 46.29% stake in Cyprus-based RCB Bank to the other RCB Bank shareholders. 

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