Expobank merges with Sibbusinessbank
MOSCOW. June 26 (Interfax) - Expobank has completed a merger with Surgut-based Siberian Business Development Bank (Sibbusinessbank), Expobank said in a statement.
Sibbusinessbank was registered as having been wound up on June 21.
The merged bank's equity to Russian Accounting Standards (RAS) exceeded 6 billion rubles, and its net assets were more than 38 billion rubles.
Expobank closed a deal to buy 100% of Sibbusinessbank at the beginning of September last year. As a result, Sibbusinessbank's main shareholder, Atvoban Road Construction Company, which is controlled by Alexei Andreyev, a State Duma deputy from the Khanty-Mansiisk Autonomous District, received a 9% stake in Expobank.
Expobank has 19 offices in 11 cities, including Moscow, St. Petersburg, Novosibirsk, Kemerovo, Barnaul, Yekaterinburg and Perm. The bank serves over 80,000 retail customers and 4,000 business customers.
Expobank was established in 1994. In March 2008 it was acquired by Barclays Bank and renamed LLC Barclays Bank. In the fall of 2011 the British shareholders of the bank sold it to businessman Igor Kim and his partners. The new shareholders returned the previous name - Expobank in early 2012. Igor Kim owns a 68.6% stake in the bank.
In November last year, Kim bought a controlling stake in WestLb subsidiary in Russia - WestLB Vostok.
Expobank bought Krasnoyarsk-based Stromcombank in March 2013.
Expobank was Russia's 107th largest bank by assets, according to the Interfax-100 ranking at the end of Q1 2013, and Sibbusinessbank was 505th.
