Andrey Kostin will buy a troubled bank Vozrozhdeniye

VTB reached an agreement in principle with Bonum Capital on the key terms of the acquisition of Bank Vozrozhdenie.
 VTB will acquire at least 75% of the bank's shares, the deal may be closed in September. The head of Renaissance Mark Nakhmanovich will leave his post, his place will be taken by a member of the board of VTB Gennady Soldatenkov.

The fact that VTB reached an agreement with Bonum Capital on the acquisition of Bank Vozrozhdenie and signed a memorandum, said in a statement of the press service of VTB. "According to the agreements reached with Bonum Capital, the organizer of the transaction, VTB intends to acquire a controlling stake in Vozrozhdenie (at least 75%), the bank said. The parties plan to close the deal in September after receiving all the necessary regulatory approvals and corporate decisions of VTB Group ".

After the transaction is closed, steps will be identified for the further integration of banks, which is planned to be completed in 2020. The Renaissance development strategy will imply further strengthening of the bank's positions in the Moscow Region market for work with both retail and corporate clients.
The head of the "Revival" will be appointed Gennady Soldatenkov, currently holding the position of a member of the board of VTB. Mark Nakhmanovich, who led the bank recently, will remain in the "Renaissance" as deputy chairman of the board of directors.

The team of Bank Vozrozhdenie will be retained.

In early June, the head of VTB Andrei Kostin said that the state bank confirmed the Central Bank's interest in buying the bank "Vozrozhdenie." Then he said that VTB wants to close the deal in the third quarter, July 19.

The deal on the sale of the Vozrozhdenie Bank package to VTB Group may require more time in connection with the freezing of the share of the Ananiev brothers in Vozrozhdenie, said Deputy Chairman of the Bank of Russia Vasily Pozdyshev. "In my opinion, the current situation, provided that the seller really wants to sell, and the buyer - to buy, is not insurmountable. That is, in my opinion, solutions are possible. But most likely it will take more time, "he said. Bank Vozrozhdenie through the offshore group is one of the bank assets of Promsvyaz Capital B. V. (formerly Promsvyazbank, which is currently on a reorganization in the Banking Sector Consolidation Fund).

According to the Central Bank's instructions, by June 4 Promsvyaz Capital B. V. was to reduce its stake in the authorized capital of Vozrozhdeniye to a maximum of 10%. Prior to this, Promsvyaz Capital B. V. limited his participation in the management of the credit institution. Through its offshore companies, the company has voting rights only for shares that do not exceed 10% of the authorized capital of the bank. Bank Vozrozhdenie joined the holding company Promsvyazkapital in 2015. Then, Promsvyazkapital acquired a controlling stake in Vozrozhdenie and now owns 52.73% of the ordinary shares of the credit institution. Since that time, there has been integration between the two banks: transition to a single operational and technological platform, centralization of back-office functions, etc. However, in October 2017 it became known that the owners of Promsvyazbank and Bank Vozrozhdenie refused to join. Soon after this - in December 2017 - the Bank of Russia introduced a temporary administration in Promsvyazbank.