Czech lender Expobank CZ said on Thursday it has completed the purchase of Serbia’s Marfin Bank from Cyprus Popular Bank Public (CPB) for an undisclosed sum.
Following approvals by regulatory authorities, the transaction was completed on February 28, and Expobank CZ became the sole shareholder of Marfin Bank, the Czech bank said in a press release.
The name of Marfin Bank will be changed to Expobank, the Czech lender said.
“This acquisition is in line with Expobank’s international development strategy, and we will seek to support greater economic cooperation between the Czech Republic, Russia and Serbia,” the CEO of Expobank CZ, Kirill Nifontov, said in the statement.
CEO Borislav Strugarevic will continue to lead Marfin Bank and the bank’s management team will focus on improving the range and quality of services and client satisfaction, and increasing the value the bank creates for its stakeholders, the Czech lender noted.
“We are entering Serbia as we believe it is an interesting market with a high potential. In line with our strategy, we continue looking at further acquisition opportunities in Serbia as well as other European countries,” Expobank CZ board member Miroslav Kohout, pointed out in the statement.
In September, CPB entered into a share purchase agreement with Expobank CZ to sell its shares in Marfin Bank, including 99.09% of the bank’s fully paid share capital and 72.50% of the bank’s preferred shares.
CPB approved in December a squeeze-out of minority shareholders in Marfin Bank.
The majority owner of Expobank CZ is Russian investor Igor Kim, who also controls Russia’s Expobank and Latvia’s Expobank AS, according to data from the Czech bank’s website.