Expobank buying Russian subsidiary of Turkey's Yapi ve Kredi Bankasi for 3.3 bln rubles
MOSCOW. Oct 26 (Interfax) - Expobank , the controlling shareholder of which is businessman Igor Kim, has signed an agreement with Turkey's Yapi ve Kredi Bankasi A.S. to buy 100% of shares in Yapi Kredi Bank Moscow, Yapi ve Kredi Bankasi said in a statement.
The deal, which is worth 3.3 billion rubles, is expected to be closed after all necessary approvals are received from regulators.
Yapi Kredi Bank Moscow posted a net profit of 139.4 million rubles to Russian Accounting Standards in the first nine months of 2017, and its capital stood at 3.4 billion rubles as of October 1.
Yapi ve Kredi Bankasi A.S. is Turkey's fourth largest private bank by assets. The bank is 81.9% controlled by Koc Financial Services, a joint venture between Koc Holding and Italian banking group UniCredit.
Yapi Kredi Bank Moscow was the first Turkish bank in Russia. It opened as a representative office in 1988 and acquired a license from the Central Bank of Russia in 1993. The bank focuses on lending to corporate clients, including trade financing. Its main client base is Turkish companies working in Russia.
For Expobank and Kim, this is the seventh acquisition from international banking groups in the past few years. They previously acquired CJSC Royal Bank of Scotland in Russia from Royal Bank of Scotland (RBS); the Kazakh subsidiary of RBS; Marfin Bank A.D. Beograd (Serbia) from Cyprus Popular Bank Public Co Ltd.; LBBW Bank CZ a.s. (Germany); WestLB Vostok from WestLB AG (Germany); FB-Leasing from VR Leasing AG (Germany); and Barclays Bank from the UK's Barclays group.