‘Bank Severnaya Kazna is now a part of Alfa Bank. In fact, we have never excluded the opportunity of business expansion through acquiring provincial banks,’ Alfa Bank’s Chairman Rushan Khvesyuk announced at a press conference in Yekaterinburg.

‘We are not going to disclose the sum of the transaction. The thing is, we’ve bought enough shares to be able to make decisions, that is, over 75%,’ he said.

‘The quantity and the quality of the bank’s assets were the important factors that motivated us to go through with the transaction. We were satisfied with the quality of the bank’s business and retail portfolios,’ Khvesyuk explained.

‘Unifying the range of products and getting the systems synergized is our top priority at the moment. As for the brand, this is a matter of time,’ the executive remarked.

Khvesyuk believes Bank Severnaya Kazna will no longer operate independently. It is to be reorganized and merged with Alfa Bank soon enough.