Online retailer Ozon to consolidate its banks

06.09.2022 | 10:25 Home / News / Fintech /
#Ozon bank #Ekom Bank
The Russian online retailer Ozon decided to reorganize its banking subsidiaries by consolidating Ozon Bank acquired in 2021, with Ekom Bank it has created from scratch.

Interfax reports that Ekom Bank will become the assignee of all rights and obligations of Ozon Bank. The expected timeframe for consolidation is December 2022, though the date can be changed during implementation of the reorganization procedure.

“We have decided to reorganize the structure of our banking assets. The consolidated Ozon Bank will have all the advantages of a universal license, which Ekom Bank has, in combination with a recognizable marketplace brand,” Ozon’s press service told Interfax regarding the decision.

A source close to the company explained to the agency that it is not permitted simply to rename a bank in terms of banking regulations, thus reorganization appears to be the most sensible means to continue utilizing the brand.

The company became the owner of two credit institutions in the spring of this year, after Ozon Bank was included in the sanctions list of the United States Department of the Treasury as an entity associated with another entity involved, Sovcombank, from which the bank was acquired at one time.

Ozon appealed to the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) to exclude the credit institution from the specially designated nationals and blocked persons (SDN) list, with sanctions being lifted at the end of March. While the OFAC was considering the appeal, Ozon established the new subsidiary, Ekom Bank.



Explaining the simultaneous appearance of two banks in the group's structure, the company indicated that Ozon Bank operates as per a basic license; therefore, it has a number of restrictions in terms of launching complex financial products. The presence of Ekom Bank, which received a universal license from the Central Bank of Russia (CBR), permits launching a wider range of services for B2C and B2B clients, Ozon's press service said at the time.

As of June 30, over 5.7 million active shoppers used the Ozon.Account e-wallet or Ozon.Card to effect purchases on the platform.

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