Regulator tentatively allows VTB to use Russian Post infrastructure after Pochta Bank merger

MOSCOW. Aug 30 (Interfax) - VTB has secured tentative consent from the Federal Antimonopoly Service (FAS) to locate bank offices in Russian Post infrastructure and expects regulatory approval for its buyout of the state company's stake in Pochta Bank in late September or early October, VTB first deputy CEO Dmitry Pyanov told reporters.

VTB head Andrei Kostin said in mid-August that the FAS had approved the merger of Pochta Bank into VTB planned for 2026.

Pyanov said VTB is discussing two issues with the regulator: the purchase of Russian Post's stake in Pochta Bank, or Post Bank, and the cooperation agreement between Russian Post and Pochta Bank.

"The approval that was received concerns the second issue. That is, it's a preliminary agreement to the possible transfer of the cooperation agreement from Pochta Bank to VTB and the accommodation of VTB in Russian Post infrastructure. Official regulatory approval from both the Bank of Russia and the FAS for the acquisition of the Pochta Bank stake has yet to be received in the fall of this year, at the end of September-start of October, according to our plan," Pyanov said.

Pochta Bank was established by VTB and Russian Post (OKPO code: 41587589) in 2016 as a retail bank with an extensive regional network based at post offices. The network has 25,000 branches serving 83 Russian regions, most of which are located at post offices, including in small and remote population centers. The bank has an active customer base of 8.6 million.

VTB and Russian Post now each own 50% minus one share in Pochta Bank, and Pochta Bank CEO Alexander Pakhomov holds the other two shares.