Sovcombank paid 1.1 billion rubles for “Halva” card

Halva
Halva

In February 2018 Sovcombank acquired a 100% interest in OOO “Sovcomcard” for 1.1 billion rubles, it is told in the Bank report under IFRS. This company was established in 2017 for the development of the installment card “Halva” and owns this trademark in Russia, according to the reporting.

The assessment of the fair value of net assets and liabilities of the acquired company has not been completed yet, the reports of Sovcombank say.

“The project started more successfully than we planned, and we became more profitable to buy the company and rights to the brand “Halva”, – told the representative of the first Deputy Chairman of the Board and co-owner of Sovcombank Sergey Khotimsky.

“Sovcomcard” has no liabilities: main company asset – the right to a small but steady income from cards “Halva”.

Purchase of “Sovcomcard” was carried out in order to provide a single centre for ecosystem management of “Halva”, – said the representative of Sovcombank. Before the purchase the company belonged to the initiators of the project “Halva”, he added.

The company was owned by several individuals. The largest share of 64.3 per cent was owned by Dmitry Oleksin the son of the Belarusian MTBank co-owner Alexey Oleksin.

In 2014, the Bank began to issue the installment card “Halva” in Belarus, in 2017 in Russia it was presented by Sovcombank under franchise project.

With the card “Halva” you can buy goods in the partner stores of the Bank, paying for them later in monthly payments. The Bank does not charge interest for timely repaid payments. Now “Halva” in Russia has more than 20 000 brands-partners. The maximum limit on the card is 350 000 rubles.

Kiwi Bank was the first to introduce this kind of product in Russia — in November 2016 it began to issue the “Conscience” card. After Sovcombank installment cards appeared in Home Credit Bank and Alfa-Bank.

In March this year, Sovcombank reported issued the millionth “Halva” card. The project will be in the investment stage for several years, Khotimsky said.

“Halva” is not really about profit. The project is primarily focused on creating long — term relationships with customers and retail,” he explained.

Sovcombank is in the top-20 Russian banks by assets and the top ten in size of deposits. In recent months the Bank gradually increased its stake in RosEvroBank.

In March, the Federal Antimonopoly service approved the application of Sovcombank for the acquisition of 54.67% shares of RosEvroBank. Shareholders of banks have agreed to merge, most likely, the Bank will work on the license of Sovcombank. The value of this transaction is not disclosed.

Assets of Sovcombank as of February 1, 2018 were estimated at 708.9 billion rubles, RosEvroBank – 204.8 billion rubles.

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