Local mobile phone retailer Svyaznoy is to offer financial services in its stores following the chain’s merger with Russian bank Promtorgbank.

100% of Svyaznoy securities and an 87% stake in Promtorgbank will be assigned to a new company. Svyaznoy owner and founder Maksim Nogotkov will retain a controlling stake in the business.

Svyaznoy has more than 1.800 stores across Russia.