News

June 07, 2011

The purchase of 50% of the United Investment Bank (OBIBANK) authorized capital by SBI Holdings (Japan) is completed

On June 7th, 2011 IFC METROPOL and Japanese SBI Holdings Inc. signed a package of documents including Purchase and sale Contract and Option Agreement. According to them SBI Holdings becomes the owner of 50% of the authorized capital of the United Investment Bank (OBIBANK), METROPOL Group. The transaction price is more than 700 mln rub.

The documents were signed in Moscow by Head of the METROPOL Group Mikhail Slipenchuk and Head of Moscow Representative office of SBI Holdings Nagamoto Kuroda. Thus the deal is completed and SBI Holdings has become a co-owner of OBIBANK. In the future, the partners will continue to develop internet-banking using modern Japanese technologies.

Commenting on the signed documents, Mikhail Slipenchuk said: "This is a historical deal because our bank becomes the first Russian Japanese bank in modern history. Thus we open new page in bilateral relations. The aim of the deal is to implement and to develop advanced internet-banking technologies in Russia that proved themselves well in Japan. SBI Holdings has developed unique breakthrough technologies for providing safe, convenient and reliable internet-banking services. It is a new era for Russian internet-banking market and I believe the newly formed joint bank will become its leader”.

Mr Nagamoto Kuroda also stressed that “the deal with IFC Metropol is very important for Japanese financial institutions and for Russian-Japanese relations in general”. He expressed hope that there will be a demand for Japanese modern web-banking technologies in Russian market.

The cooperation between IFC METROPOL and SBI Holdings began in December 2007 with signing of a memorandum of understanding. In May 2009, IFC METROPOL and SBI Holdings signed an agreement establishing a management company in the Netherlands for managing a joint fund totaling USD 100 mln. for investment in Russian equity. In December 2009, IFC METROPOL and SBI Securities have implemented online-trading project, which provided Japanese private investors access to the shares of Russian companies at the Moscow Interbank Stock Exchange. In February 2010 the parties signed a Memorandum of Understanding that defined the basic terms of the deal between SBI Holdings and IFC METROPOL regarding the purchase of a share in OBIBANK and further financial activities in Russia with the use of internet-banking services. The statement on completing the deal was signed in November 2010 in Tokyo.

CB OBIBANK (United investment bank) was found in 1994. Since its establishment, the bank has performed its activities mostly in the investment services market. In 2002 due to the change in ownership, the bank had its development concept reviewed and is now positioned as a full-service commercial bank, providing services to the real sector of economy and providing customers with classic and modern financial services. In April 2009 the National Rating Agency assigned CB OBIBANK an individual credit rating of “A” level (high credit rating, level three).

SBI Holdings has offered services that bring various innovations in the world of finance by using the explosive power of the internet in Japan. In 2007, SBI Holdings together with Sumitomo Trust & Banking established SBI Sumishin Net Bank with an authorized capital of 31 billion yen (USD 380 mln). A characteristic feature about the bank is that it works solely as a net-bank, widely applying new internet-banking technologies. As of March 2010, the number of client accounts with the bank totaled 1,05 million and the volume of deposits exceeded USD 19 bln. In 2008, The Asian Banker named SBI Sumishin Net Bank the Best Internet Only Bank of 2008.