Русский
Russia’s VTB bank, the second largest in Russia, has finalized the legal merger of Crimea’s largest bank, the Russian National Commercial Bank, (RNCB), with integration procedures to be completed by the end of 2025, according to VTB CEO Andrei Kostin.
He stated that “Completing RNCB’s integration is not just a technical step. We hold RNCB in high regard. It is the flagship of the peninsula’s financial market and has played a vital role, without exaggeration, in the modern history of Crimea and Sevastopol. We have preserved the financial services and favorable conditions familiar to clients and will continue servicing them in the offices Crimeans and Sevastopol residents are accustomed to. By the end of 2025, we will migrate over 2 million retail clients of RNCB to VTB’s infrastructure, ensuring maximum comfort for them.”
The process of merging RNCB with VTB began in June 2024. Since last autumn, retail clients have gained access to all VTB products in RNCB offices. Starting June 12, VTB will continue servicing clients in the offices familiar to Crimeans and Sevastopol residents. Meanwhile, the 1.5 million MIR RNCB-branded debit and credit cards will function as VTB cards until their expiration dates.
The automatic transfer of RNCB clients’ escrow accounts has already been completed, while a rebranding of RNCB’s branch network is also planned by the end of the year. In addition, as part of RNCB’s integration, more than 250 major companies in Crimea and Sevastopol switched to VTB’s payment infrastructure yesterday, June 16.
As of Q1 2025, RNCB ranked 22nd in assets among Russian banks, with assets totaling ₽583.6 billion (US$7.41 billion). It has quadrupled its asset base since Crimea became part of Russia in 2014. The bank was sanctioned by the West in 2015.
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