Ozon and PJSC Sovcombank have signed an agreement whereby Sovcombank will sell a 100% equity stake in Oney Bank LLC to Ozon. The transaction will be closed subject to approval by the Bank of Russia. Upon completion of the transaction, the bank's current team will change to Ozon, the parties informed.
"The deal does not mean that Ozon intends to develop all products on a standalone basis without engaging other financial market players as partners. We believe in a platform approach and are committed to active cooperation with banks and fintech companies," Vae Hovasapyan, Vice President for Digital Financial Services at Ozon, was quoted as saying in the statement.
PJSC Sovcombank (Kostroma city, tax number: 4401116480) specializes in lending to individuals and securities transactions. The bank was established 1990. The bank took over ARCA, a chain of credit agencies, in 2007, GE Money Bank in 2014, ICICI Eurasia in 2015.
Oney Bank LLC is a 100% foreign capital-owned credit institution mainly providing financial services to individual clients. As of November 1, 2020, the bank's RAS assets amounted to RUB 1.7 billion.
Ozon is a leading Russian e-commerce platform with 9 million SKUs in 20 categories. The gross market value (GMV, turnover) of Ozon increased twice to RUB 197.4 billion in 2020, the company informed from RUB 80.8 billion a year earlier. The company's gross profit increased to RUB 31.49 billion from RUB 11.26 billion (+180%). Adjusted EBITDA was negative at RUB 11.7 billion. The number of orders soared 132% to 73.9 million.
