Russia-based online bank Tinkoff has announced its plans to issue up to 130 million additional shares in order to fund a deal to integrate Rosbank into its structure. Following this announcement, the deal will benefit from an additional issue fund, representing shares at RUB 3,423 (approximately USD 36) each.

If the deal is approved, it will be closed by the end of the third quarter of 2024. The integration of Rosbank with Tinkoff will focus on meeting the needs, preferences, and demands of customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. More information on the announcement Tinkoff represents a Russian-based online bank that provides its customers, clients, and partners with a suite of solutions and services, including features and capabilities tailored for multiple markets.

This includes tools for banks (such as credit cards, debit cards, car loans, deposits, shares, mortgages, refinancing, premium, and savings accounts), insurance (MTPL, traveling abroad, apartment, or mortgages), investment (currency, futures, funds, IIS, brokerage accounts, and stock), as well as products for small businesses and big businesses (such as current accounts, sales, business cards, deposits, credits, merchant acquiring, payout services, or business registration). Rosbank provides its suite of solutions and expertise, including capabilities and offerings such as cards, savings, credits, mortgages, car loans, insurance, and investment, as well as a secure mobile application and internet banking. The financial institution focuses on meeting the needs and demands of private individuals, small businesses, as well as medium and large enterprises and companies.

According to Reuters, both lenders are expected to retain their licenses, brands, and teams, as well as their expertise and suite of solutions, with Rosbank being set to continue to focus on corporate and private clients and customers. At the same time, Tinkoff will continue its development strategy, aiming to expand its 40 million-string retail client base. .