SBI Holdings and the Russia-China investment fund jointly invest in Sovcombank
Vladivostok, September 10, 2018 − The Russia-China Investment Fund announces that the Japanese corporation, SBI Holdings is to join a consortium of investors in PJSC Sovcombank. A corresponding announcement was made today on the sidelines of the meeting between Russian President, Vladimir Putin and Japanese Prime, Minister Shinzo Abe at the Eastern Economic Forum.
The expansion of the consortium will allow Sovcombank to channel additional funds into business development in Russia, and is the next step in preparing for the initial public offering of shares (IPO) in the bank.
In May 2018, SBI Holdings and the Russian Direct Investment Fund (RDIF, the sovereign wealth fund of the Russian Federation) signed an agreement to consider joint investments in the Russian fintech and biotechnology sectors. This agreement was signed in presence of the Russian President Vladimir Putin and the Prime Minister of Japan Shinzo Abe.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF) and Co-CEO of the Russia-China Investment Fund (RCIF), noted:
“We are delighted to announce the first joint investment with SBI Holdings, who is a strategic partner of RDIF in many sectors. We will continue our cooperation with SBI Holdings across various sectors and are preparing to announce new joint investments in the near future.”
Dmitry Gusev, Chairman of Management Board PJSC Sovcombank, said:
“It is a great honor for us to welcome SBI Holdings (Japan) as a new shareholder of Sovcombank. SBI Holdings is an experienced investor in the financial sector with assets of $41B. Partnership with SBI will strengthen our competitive edge due to its expertise brought in from Asia-Pacific region with highly developed financial sector.”
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 the development of bilateral economic, trade and investment relations between Russia and China. Further information can be found at www.rcif.com
SBI Holdings was founded in 1999 and is a pioneer in the field of online financial services. The company created the world's first online financial ecosystem, offering online securities, banking and insurance services. In addition to financial services, the company operates an asset management business, with a focus on venture capital investments, as well as a biotechnology-related business.
PJSC Sovcombank is one of the five largest private banks in Russia in terms of assets, number of offices and territorial coverage. As of July 1, 2018, the bank serves 3,9 million retail customers living in 1,039 cities through 2,555 offices. The bank employs 15,120 people.
Sovcombank provides financial services to the largest Russian corporations and regional governments of the Russian Federation, including bond placement. It also provides access for 350,000 small and medium-sized enterprises to government purchases through its website RTS-Tender, servicing about a third of public procurement in the country. The bank is the Russian leader in terms of the number of issued bank guarantees for public procurement. Further information can be found at: sovcombank.com/en/about/info
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