Newly formed Post Bank will be opened in 15 thousand post offices

UFA, 28 January 2016. /Bashinform News Agency, Olga Murtazina/. The Russian Post and VTB 24 established a Post Bank. The new financial institution is established on the basis of VTB 24 affiliate – Leto Bank. The Russian Post, through its subsidiary "Post Finance" has acquired 50 percent minus one share in the future bank for 5.5 billion rubles.

The transaction has been approved by the Central Bank, the Federal Antimonopoly Service and the Ministry of Communications. "The first attempts to open a post bank have been undertaken 15 years ago, but it has not yet succeeded to realize this project,” said the General Director of Russian Post Dmitry Strashnov. "The Post Bank will improve access to financial services for the residents of the entire country, will enable to attract funds of the population into the economy, enhance competition in the financial services market".

The new bank will be headed by the Chairman and CEO of Leto Bank Dmitry Rudenko. It is expected that the bank will start operating in the network of post offices in the first quarter of 2016. Post bank windows are planned to appear in 15,000 post offices in the first three years of operation, and not less than 6.5 thousand windows will appear in 2016. The Post Bank offices in Bashkortostan will be announced in the near future, the Directorate of the Federal Post Service in the republic informs.