Board of Directors of TCS Holding approved an independent valuation of Rosbank within the framework of the merger at ₽129.4 per share. Taking into account the rights of claims on subordinated debt and other assets under the closed subscription, this valuation implies a P/B multiple of 1.05 relative to Rosbank's 2023 IFRS total capital. Completion of the transaction is expected by the end of Q3 2024.