print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Financial Corporation "Sistema" press releases

Financial Corporation "Sistema"

July 5, 2018

Sistema reduces stake in MTS Bank

Moscow, Russia– 05 July 2018 – Sistema PJSFC (“Sistema” or the “Company”, together with its subsidiaries, “the Group”) (LSE: SSA, MOEX: AFKS), a publicly-traded diversified holding company, today announces the divestiture of a 28.63% stake in PJSC MTS Bank, one of the 50 largest banks in Russia, to Mobile TeleSystems B.V., a wholly owned subsidiary of PJSC MTS (NYSE: MBT, MOEX: MTSS), the leading telecommunications operator and digital service provider in Russia, for RUB 8.27 bn.

As a result of the transaction, Sistema’s direct ownership in MTS Bank decreased to 43.24% and MTS’s stake increased from 26.61% to 55.24%[1].

The transaction builds on the success of the partnership launched in 2011 between MTS and MTS Bank to promote digital payment solutions and the issuance of credit cards and PoS loans. Since then, MTS Bank has increased its customer base, optimized its IT systems and business processes, and has been sufficiently capitalized, returning to sustained profitability in 2017. Consolidation of a controlling stake in MTS Bank will further advance the build-out of MTS’s platform of digital products and customized offerings in the fast-growing fintech business.

Mr. Vsevolod Rozanov, Sistema’s Managing Partner and Chairman of the Board of Directors of MTS Bank, said, “MTS’s acquisition of a controlling stake in MTS Bank will accelerate development of the Bank, while allowing Sistema to monetize its investments in the banking sector. The transaction enhances  MTS’s role as a digital service provider while its core telecom business will also benefit from higher penetration of data services and increased customer loyalty driven by adoption of fintech products. Likewise, leveraging MTS’s retail presence and online capabilities, the Bank will continue its digital transformation to offer a truly omni-channel experience to its clients.”

***

For further information, please visit www.sistema.com or contact:

IR Service

Nikolay Minashin

Phone: +7 (495) 730 66 00

n.minashin@sistema.ru 

Press Service

Sergey Kopytov

Phone: +7 (495) 228 15 32

kopytov@sistema.ru

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer