Sovcombank completes acquisition of Home Bank

PJSC Sovcombank has completed the acquisition of LLC Home Credit and Finance Bank (Home Bank). Home Bank ceased to exist as a separate legal entity, the press service of Sovcombank reported.

The integration of the two banks took 11 months. "This is one of the fastest processes of uniting large financial organizations both in Russia and in the world," the press service noted, adding that Home Bank was the leader in the commodity lending segment in the country.

"The acquisition of Home Bank has allowed us to strengthen our leading position in the retail lending market and become absolute leaders in POS lending. We have received a significant increase in the customer base and loan portfolio, as well as the valuable experience of the Home Bank team. I am confident that in the long term, the synergy of our businesses will continue to bring additional benefits to both customers and shareholders of the bank," commented Dmitry Gusev, Chairman of the Board of Sovcombank.

The deal was implemented in two stages: in the first, Sovcombank acquired 10% of Home Bank for cash, in the second — 90% by issuing 1.8 billion new shares.

At the time of the transaction, Home Bank had 3 million active customers, a portfolio of retail loans of 202 billion rubles and a deposit portfolio of 169 billion rubles.

According to Sovcombank's audited IFRS financial statements for 2024, the final net income from the acquisition of Home Bank amounted to 19 billion rubles. Sovcombank's retail network has expanded by 84,000 POS loan outlets.