Sovcombank PJSC

In 2002, when Sovcombank (Buoykombank at the time) was acquired, it had one branch, 17 employees and ?2 million equity. By the end of 2020, Sovcombank had become the No.3 largest privately-owned bank in Russia by total assets according to Interfax ranking based on RAS, had a branch network of 2 334 offices in 1 thousand Russian towns and employed 17 thousand people, whilst the Group reported ?188 billion total equity demonstrating its ability to grow over time. The Group has delivered on its own growth strategy by means of successful organic growth initiatives as well as carefully selected and well-executed inorganic growth opportunities. The Group has been able to carefully select underpenetrated market niches with limited competition and by a combination of targeted product offering and wide customer reach deliver strong track record of profitable organic growth. In addition to organic expansion, the Group has grown via smart acquisitions of other financial institutions and businesses operating in select market niches at attractive prices. Since 2014, the Group has executed 20 significant acquisitions and these opportunities have allowed it to diversify its product offering, customer base and deliver further growth.