Marfin: Finalization of acquisition of Rosprombank against €83m
4/9/2008 8:16
Marfin Popular Bank finalized today the acquisition of the Russian bank OOO Rossisysky Promishlenny Bank (Rosprombank), after securing all necessary approvals by the supervisory authorities of Russia and Cyprus. The acquisition was finalized with the transfer of 50.04% of the share capital of the Russian CJSC RPB Holding, parent company of the Russian OOO Rossisysky Promishlenny Bank (Rosprombank) against the sum of €83 million.
With the completion of the acquisition, MPB acquires the control of the Russian bank and becomes the first bank in Cyprus and Greece that acquires a Russian bank.
The acquisition falls within the framework of the strengthening of its presence and the offering of banking and financial services to Southeast Europe and is expected to affect positively the Group’s results.
The Group will have a strong international network of 478 branches in Cyprus, Greece, Russia, Ukraine, Romania, Serbia, United Kingdom, Malta, Estonia and Australia.
For the acquisition of the share capital of Rosprombank, a due diligence was prepared by PricewaterhouseCoopers and a legal audit was carried out by the legal firm Chadbourne and Parke.
Rosprombank
Rosprombank was established in 1997 and has a dynamic presence in the country via a network of 32 branches and selling points covering the big cities of the Russian Federation, including Moscow and St. Petersburg.
According to its audited financial statements for 2007, its net profit stood at €6.3 million. The shareholders’ interest stood at €53.7 million, its total assets at €297.5 million, its total loans at €157.9 million and its total deposits at €177.6 million.
Rosprombank has a well-trained Personnel, Management and Administration team with an excellent knowledge of the Russian market. With its specialized knowledge and its experience, MPB Group is expected to contribute to issues concerning products and services as well as operating services, boosting the development of the strategic opportunities in the Russian market.
Rosprombank focuses on the funding of businesses, while it will promote the retail banking via its rapidly developing network of branches.
With the completion of the acquisition, MPB acquires the control of the Russian bank and becomes the first bank in Cyprus and Greece that acquires a Russian bank.
The acquisition falls within the framework of the strengthening of its presence and the offering of banking and financial services to Southeast Europe and is expected to affect positively the Group’s results.
The Group will have a strong international network of 478 branches in Cyprus, Greece, Russia, Ukraine, Romania, Serbia, United Kingdom, Malta, Estonia and Australia.
For the acquisition of the share capital of Rosprombank, a due diligence was prepared by PricewaterhouseCoopers and a legal audit was carried out by the legal firm Chadbourne and Parke.
Rosprombank
Rosprombank was established in 1997 and has a dynamic presence in the country via a network of 32 branches and selling points covering the big cities of the Russian Federation, including Moscow and St. Petersburg.
According to its audited financial statements for 2007, its net profit stood at €6.3 million. The shareholders’ interest stood at €53.7 million, its total assets at €297.5 million, its total loans at €157.9 million and its total deposits at €177.6 million.
Rosprombank has a well-trained Personnel, Management and Administration team with an excellent knowledge of the Russian market. With its specialized knowledge and its experience, MPB Group is expected to contribute to issues concerning products and services as well as operating services, boosting the development of the strategic opportunities in the Russian market.
Rosprombank focuses on the funding of businesses, while it will promote the retail banking via its rapidly developing network of branches.
