Rosbank to be branch of T-Bank, retain obligations and client brands - TCS-Holding

MOSCOW. Sept 1 (Interfax) - The respective management teams of Rosbank and T-Bank, both part of the TCS Holding structure, have proposed to shareholders that Rosbank merge with T-Bank as a branch, TCS Holding said.

This would allow merging the entity to provide access to capital most efficiently, implement synergies, and reduce costs substantially, including for IT solutions, TCS Holding explained.

The respective boards of directors of T-Bank and Rosbank plan on Friday, September 13 to consider the matter of integration by merging Rosbank as a branch of T-Bank.

The shareholders of the TCS Holding banks will take the final decision, as will the holders of Rosbank's shares in free circulation, which is 0.6% of capital. The integration process should be completed in the first quarter of 2025.

"Establishing a unified structure through the merger of Rosbank as a branch is the most efficient and transparent option, allowing for the rapid maximization of shareholder value of the business," TCS Holding Chairman of the Board of Directors Alexei Malinovsky said.