MOSCOW, March 25. /TASS/. Sovcombank intends to buy Vostochny Bank, the deal may be closed in the spring, sources in the financial market told TASS.

"The binding documents for the deal have been signed, and a petition will be sent to the Bank of Russia in the near future," a source told TASS.

According to a source in the financial market, the deal is most likely to be closed by the end of spring, the amount of the deal has not been disclosed.

At the end of 2020, it was reported that Cypriot company Evison Holdings (controlled by Baring Vostok) and Finvision entered into an amicable agreement that would settle all corporate disputes between Vostochny Bank shareholders, which had lasted since 2019. At the same time, the bank's shareholders announced that they would continue to use their joint efforts and resources for further development of Vostochny Bank.

Sovcombank is one of the largest private Russian banks with assets of over 1.6 trillion rubles ($20.88 bln) under IFRS. The bank is included in the list of systemically important credit institutions of the Bank of Russia. The bank has 2,266 branches and mini-offices in 76 regions of Russia. Sovcombank provides services to 8.3 mln individuals, including 7.6 mln borrowers and more than 500,000 depositors.