Expobank closes deal on purchase of Czech LBBW Bank
MOSCOW. Sept 2 (Interfax) - Expobank has closed a deal on the acquisition of the Czech bank, LBBW Bank CZ, from German Landesbank Baden-Wurttemberg (LBBW), the Russian bank said in a statement.
Earlier Expobank received all necessary approvals from the Czech National Bank and the Central Bank of Russia. Expobank now fully owns LBBW Bank CZ.
"This deal is in line with the strategy of building up an international private financial company. We'll go on with the bank's development in the Czech Republic, using its strong market positions. The Bank intends to focus on the development of corporate business, on trade finance, private banking and on banking services for affluent customers. Expobank's clients in Russia will have new opportunities to enhance business cooperation with their partners in the Czech Republic and other EU countries," the press release cited Kirill Nifontov, CEO of Expobank, as saying.
"Maris Avotins will be appointed CEO of LBBW Bank CZ. Until recently he was CEO of AS Expobank, Latvia," the statement said.
Germany's Landesbank Baden-Wurttemberg and Expobank signed a relevant agreement at the beginning of the year in which the parties agreed to not disclose the price and other details of the deal.
LBBW acquired the Czech bank from Austria's BAWAG P.S.K. in September 2008. LBBW Bank CZ is a mid-sized universal bank with assets of less than 1.2 billion euros at the end of 2012. The bank has about 360 employees and 18 branches in the Czech Republic.
Expobank was Russia's 96th largest bank by assets at the end of the H1 2014, according to the Interfax-100 ranking.