CSG Bank

Company

Financial services, investments and auditing
Since 1994
Russia
Central Federal District of the Russian Federation
Moscow

Owners:
Otkritie Bank (Otkritie FC)

Content

History
- 2022: Central Bank annexed RGS Bank to Otkritie
Notes

Owners

+ Government of the Russian Federation

CSG Bank. Bank for Motorists, founded in 1994) is a Russian bank within the Otkritie Bank group with a focus on attracting and comprehensive servicing of motorists and companies from the auto business. The credit institution's network for October 2021 covers more than 90 cities in 66 constituent entities of Russia. More than 3.3 thousand car dealership partners throughout Russia are connected to cooperation with the bank. Special emphasis is placed on the digital transformation of the business and the development of online channels for processing financial products in "one click."

Source: shopandmall.ru

History

2022: Central Bank annexed RGS Bank to Otkritie

On February 25, 2022, the Central Bank of the Russian Federation approved the accession of RGS Bank to Otkritie Bank. The regulator made such a decision as the only shareholder of Otkritie.

According to TASS, citing the Otkrytie press service, the integration of credit institutions is carried out in accordance with the group's strategy, while financing customers from the auto business will remain one of the relevant areas for it.

Central Bank annexed RGS Bank to Otkritie

It is noted that the transaction will help optimize the structure of the group's retail business in the Russian market, centralize management functions, reduce marketing and advertising costs, unify the operating model and IT systems of the integrated banks, and implement synergies from combining regional networks.

The accession of CSG Bank was announced the day after Britain and the United States imposed sanctions against Otkritie Bank.

Earlier, the head of Otkritie Bank, Mikhail Zadornov, stated that the process of joining the RGS Bank to Otkritie is planned to begin on May 1, 2022. In October 2021, the Kommersant newspaper wrote that the RGS bank could soon be merged with the parent bank Otkritie. According to the publication, this has already been announced to the employees of the CSG Bank, explaining the step by the need to improve the financial performance of the group in preparation for the sale of Otkrytie. In November, Zadornov confirmed plans to integrate credit institutions. The banker also emphasized that the association will give significant savings for the Otkritie group.

The press service of Otkrytie reported that the integration of RGS Bank is planned to be completed by the end of 2022.

Regarding Otkrytie itself, the Bank of Russia later, in January, reported that it had received several notifications from strategic investors about its interest in buying bank shares, and the media wrote about the interest in the sanitized Russian bank from the Italian group UniCredit.

Notes

Источник — «https://tadviser.com/index.php/Company:CSG_Bank»

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