February 26, 2019 - LOCKO-Bank announces its withdrawal from the shareholders of the international investment fund East Capital, the mutually beneficial cooperation with which lasted more than 10 years. The bank will repurchase 9,91% of shares in a foreign minority shareholder.
East Capital became a shareholder of LOCKO -Bank in 2006, highly appreciating the potential of the bank in the segment of lending to small and medium businesses. The fund’s participation in the bank’s capital contributed to maintaining high standards of corporate governance and risk management, as well as improving key business processes. The presence of a foreign shareholder played a significant role in the development of LOCKO -Bank, which continues to be guided by the best international practices. East Capital decided to sell its shares in the bank in connection with the end of the investment cycle.
“We are grateful to East Capital for the many years of support that has contributed to the achievement of our main goals. Over the past ten years, the bank has demonstrated consistently high financial and operating performance, over the years of cooperation, the volume of business has grown more than 10 times. This growth was largely due to the fact that we continue to improve our services and products based on the digitalization of all business lines. ”, Commented Stanislav Boguslavsky, Chairman of the Board of Directors of LOCKO -Bank.
“We thank LOCKO -Bank for the fruitful cooperation over the past twelve years. It is worth noting that we are very impressed with the results, the management team has achieved strong growth and stable financial performance, while paying particular attention to customer service, transparency and manufacturability. The management of the fund is still confident in LOCKO -Bank's great potential, and we wish success in its further development, ”said the representative of East Capital.
LOCKO -Bank continues to implement the approved development strategy and the transition to a digital model focused on remote customer service. In the medium term, the bank plans to switch to an IT company format, creating a range of products available in digital channels. Following the results of 2019, LOCKO-Bank expects a significant increase in key financial and operating indicators.