RCIF and leading Middle Eastern funds intend to invest in Sovcombank
Press release, 08.06.2018
Beijing, June 8, 2018 - Russia-China Investment Fund (RCIF, established by the Russian Direct Investment Fund (RDIF) and China Investment Corporation (CIC)) announce the intention to invest in PJSC Sovcombank jointly with a consortium of leading Middle Eastern funds. The signing of a term sheet in respect of the investment was announced today during the official visit of the President of the Russian Federation Vladimir Putin to Beijing.
The term sheet sets out that the consortium will acquire a minority stake in Sovcombank. The bank will invest in expanding its business across Russia, with plans for an initial public offering (IPO) in the next three years.
Kirill Dmitriev, CEO of RDIF and Co-CEO of RCIF, said:
"We are confident that this investment will help to further develop Russia’s banking infrastructure and stimulate competition in the Russian market, making banking services more accessible to a wide range of consumers - both individuals and legal entities. Together, we will help the bank reach new heights and meet the demand of people and businesses for the first-class banking services throughout the country."
Dmitry Gusev, Chairman of the Board of Sovcombank, said:
"Our bank has become a significant player in the Russian banking market through management’s disciplined implementation of our strategy, the bank’s ability to adapt to the changing economic environment, and our commitment to maintaining the high standards of corporate governance. Our partnership with the RCIF and a number of sovereign funds is testament to the high quality of the bank. We are confident that the investment will secure Sovcombank’s competitive advantage in the Russian banking market and will contribute to the overall development of the banking sector in Russia."
Russia-China Investment Fund (RCIF) is a joint fund, established by the Russian Direct Investment Fund and China Investment Corporation (CIC). The activity of RCIF is aimed at development of bilateral economic, trade and investment relations between Russia and China. Further information can be found at www.rcif.com
PJSC Sovcombank is one of the five largest private banks in the Russian Federation in terms of assets, number of offices and territorial coverage. As of January 1, 2018, the bank served 3 million retail customers living in 1,031 cities through 2,148 offices. The bank employs 11.5 thousand people.
Sovcombank provides financial services to the largest Russian corporations and regional governments of the Russian Federation, including bonds placement. It also provides access for 350,000 small and medium-sized enterprises to government purchases through its own electronic website RTS-Tender, servicing about a third of public procurement in the country. The bank is the leader in terms of the number of issued bank guarantees for public procurement. Further information can be found at: www.sovcombank.com
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Hayes / Andrew Leach
Tel: +44 (0) 20 7796 4133
Russia-China Investment Fund
Tel.: +86 10 5762 9000
Fax: +86 10 57629111
Yury S. Trofimov
Russia-China Investment Fund
Tel.: +7 (495) 230-05-55 ext. 4243
Mob.: +7 (985) 765-13-12
Head of Media Relations
Tel.: +7 (495) 988-93-70 ext. 22672
Mob.: +7 (916) 595-26-76