Moscow-based e-commerce platform Ozon has signed an agreement to purchase Oney Bank from Russia's third-largest privately-owned bank, Sovcombank. Subject to regulatory approvals, the transaction will happen in cash, and is not expected to exceed $10 million.
With the acquisition of Oney Bank, Ozon effectively buys the necessary set of licenses needed to flesh out the company’s fintech vertical already on offer to buyers and sellers on the platform.
If this seems like a rather small number for the purchase of a bank, it's worth noting that Oney Bank has changed hands twice in past six months. Initially a property of French retail group Auchan, the bank saw its assets reduced significantly over the course of 2019 and 2020, and was eventually sold to Sovcombank.
“Transparency and reliability of the acquisition target were key criteria for Ozon in concluding this transaction. Sovcombank is our longtime partner and we have had a constructive business relationship for a number of years, developing B2B and B2C products,” comments Ozon Financial Services VP Vahe Ovasapyan. “This deal will give us additional flexibility in launching financial services for our customers and marketplace sellers. This includes faster payment services with lower commissions.”
Ozon is reporting that while they themselves are acquiring a bank, and gaining a set of licenses in the process, they will continue to actively cooperate with other banks and fintech companies.