“The merger of SOVEST and Halva instalment card projects is beneficial for all parties – customers, partner merchants and the Russian banking sector as a whole. SOVEST customers will get access to Halva's 200,000 merchants and will be able to enjoy longer instalment periods. Merchant partners of SOVEST will get access to additional 5 million holders of Halva installment cards, merchant partners of Halva will benefit from adding 1 million clients of SOVEST and the Russian banking sector will benefit from increased competition” said Sergey Khotimskiy, the First deputy CEO of Sovcombank.
“The sale of the SOVEST business is part of QIWI’s strategic shift into focusing on servicing our core customer niches and developing synergetic products around our payments business. Since the inception of the SOVEST project, we were aiming to develop it through the multi-bank model, which would allow us to scale the project without taking all credit risk or funding the loan portfolio from our balance sheet.” said Boris Kim, Chief Executive Officer of QIWI. “We believe that the deal we have reached with Sovcombank is beneficial for all the stakeholders. QIWI will be able to focus on developing the product proposition for its core audience including self-employed, while our customers will continue to benefit from the convenience of the pay-by-installment card program and enjoy all the benefits of Halva card.”
Publication date: 18 June 2020