Combank completed the accession of the Home Bank

PJSC “SOCCOMBANK” completed the accession of Home Credit and Finance Bank LLC (Home Bank). From this day, the Home Bank ceased to exist as a separate legal entity.

The integration of two banks took a record 11 months – this is one of the fastest processes of unification of large financial organizations both in Russia and in the world. Homo Bank was a leader in the commodity lending segment in the country, and the Sovcombank is included in the list of systematically significant banks in Russia.

According to the audit reporting of the Socialist Republic of IFRS for 2024, the final net income from the profitable acquisition of the Home Bank amounted to 19 billion rubles. Such income arises when buying a company with a discount to the fair value of its net assets and obligations.

At the time of the transaction, Home Bank had 3 million active customers, a retail loan portfolio of 202 billion rubles and a deposit portfolio in the amount of 169 billion rubles. Thanks to the transaction, the Sovcombank avoided significant costs for organic attracting customers, issuing loans and collecting deposits – aggregate savings are estimated at several billion rubles.

In addition, about 3 thousand highly qualified employees of the Joom Bank were included in the Combank team. The retail network of the bank expanded by 84 thousand points of issuing POS loans, which was also achieved without additional costs for a set of personnel and temporary and logistics costs for creating a sales network of POS loans.

The transaction was implemented in two stages: at the first stage, Soskombank acquired 10 % of the Home Bank for funds, in the second – the remaining 90 % by emission of 1.8 billion of new shares. The number of promoted shares of the Council of People's Commissars will increase from 20.7 billion to 22.5 billion pieces after registering additional emission in April 2025. Former owners of the Joom Bank, who received the Comcombanry campaign in payment of the transaction, assumed not to sell the shares received within six months from the date of the transaction closed. After the completion of this moratorium, the number of shares in free circulation (free Float) will grow.

“The acquisition of the home bank allowed us to strengthen the leading position in the retail lending market and become absolute leaders in POS-crediting. We have received a significant increase in the client base and loan portfolio, as well as the valuable experience of the Home Bank team. I am sure that in the long run, the synergy of our businesses will continue to bring additional benefits to both customers and shareholders of the bank, ”said Dmitry Gusev, Chairman of the Board of the Council of People's Commissar of Board.

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