CMS Russia has advised shareholders of Western Siberian Commercial Bank (WSCB) on the sale of their shares representing a total of 71.8 percent of the bank’s share capital to VTB Bank.
WSCB is one of the leaders in the banking sector of the Ural Federal District and holds the 56th place in the Russia-wide Interfax rating, with assets worth RUB 117bn and serving more than 600,000 retail and 21,000 corporate customers.
Synergies generated by this transaction will include WSCB customers gaining access to the technological, product and financial capabilities of the VTB group. Full integration of the banks is scheduled for completion in 2020 when WSCB will fully migrate under VTB brand.
CMS Russia team who represented the sellers on all aspects of the transaction was led by corporate partner Vladimir Zenin and included associates Mikhail Panferov and Nikolay Molostov.
Vladimir noted: “We have been pleased to act on what is a landmark transaction for the Russian banking sector. It marks another milestone in the process of the industry consolidation, showcases CMS’ banking M&A expertise and underscores our team’s ability to help deliver an optimal outcome for all parties.”