Russia’s Expobank said on Monday it had finalised its merger with HSBC‘s former Russian unit and entered the ranks of Russia’s top 30 banks in terms of capital as a result.
HSBC transferred ownership of its Russian unit, HSBC Bank (RR) LLC, to Expobank for an undisclosed fee in May, after receiving the requisite approval from President Vladimir Putin, ending around two years of negotiations and uncertainty.
Expobank had already completed the deal, but said on Monday that it had successfully merged with the unit, since renamed to Hvoya Bank.
Expobank said its combined capital since the start of 2024 has risen 48% to 56 billion roubles ($537.97 million) and its assets had climbed by 44% to 256 billion roubles.
