Igor Kim to buy Sibbiznesbank this year
NOVOSIBIRSK. June 19 (Interfax) - The main owner of Expobank (Moscow), Igor Kim, and the chairman of the board of directors and co-owner of Surgut-based Sibbiznesbank, Alexei Andreyev, have signed an agreement providing for the sale of 100% of the latter bank to the former, an Expobank statement says.
Andreyev will be acquiring a stake in Expobank via his road-building company OJSC Avtoban.
The price tag on the deal has not been revealed. The transaction will be concluded in the third quarter of this year after all the necessary regulatory permissions have been secured, the statement says.
"This deal is being realized in the context of the Expobank development strategy and will make it possible to strengthen the business with entry into a new region. For the clients of Sibbiznesbank this deal will provide access to new products and services, and also make it possible to work with a bank represented in the European Union - Expobank (Latvia)," the statement quotes Expobank management board chairman Kirill Nifontov as saying.
Sibbiznesbank's name and business model is consistent wherever the bank has branches.
"This deal," Andreyev said, "will make it possible to expand opportunities for financial cooperation [between] the clients of both banks and increase operational business effectiveness. Avtoban joining the Expobank ranks will make possible the successful implementation of joint Expobank and Sibbiznesbank projects," Andreyev said.
Sibbiznesbank is the fifth largest bank by assets in Tyumen Region. It has structural subdivisions in Surgut, Tyumen, Omsk, Moscow, Nizhnevartovsk, Nefteyugansk, and Megon.
Expobank has twelve offices in six Russian cities - Moscow, St. Petersburg, Novosibirsk, Kemerovo, Barnaul, and Perm. It ended the first quarter of this year in 149th place by assets on the Interfax-100 ranking of Russian bank size; Sibbiznesbank was 353rd.
