|
|
 |
Print Friendly 
|
|
ROSPROMBANK NOW CONSTITUTES A MEMBER OF MPB GROUP (09/04/2008)
. |
- The first acquisition of a Russian Bank by a Banking Organization in Cyprus and Greece
- OOO ROSSISYSKY PROMISHLENNY BANK (ROSPROMBANK) now constitutes a member of MPB Group
Marfin Popular Bank Public Co Ltd (MPB) completed the acquisition of the Russian Bank, OOO Rossisysky Promishlenny Bank (Rosprombank), having obtained the relevant approvals by the regulatory authorities in Russia and Cyprus. The acquisition was completed following the transfer of 50,4% of the share capital of the Russian CJSC RPB Holding, parent company of the Russian Bank OOO Rossisysky Promishlenny Bank (Rosprombank), for €83 million.
Following the completion of the acquisition, MPB becomes the first Greek or Cypriot bank to acquire control of a bank in Russia. The acquisition is another strategic move towards further strengthening MPB’s presence and providing banking and financial services by MPB in Southern Europe which is expected to have a positive impact on its profitability.
With the addition of Rosprombank, MPB will have network of 478 branches in Cyprus, Greece, Russia, Ukraine, Romania, Serbia, the UK, Malta, Estonia and Australia.
The financial due diligence for the acquisition was carried out by PricewaterhouseCoopers and the legal due diligence was conducted by Chadbourne and Parke.
Rosprombank
Rosprombank was established in 1997 and has a dynamic presence throughout the country, including Moscow and St. Petersburg, via a network of 32 branches and other points of sale.
As per the 2007 audited financial statements the Bank’s net profit after tax amounted to €6,3 million. Shareholders’ equity stood at €53,7 million, total assets at €297,5 million, total advances at €157,9 million and total deposits at €177,6 million.
Rosprombank’s staff and management team are professional, skilled and with a deep knowledge of the Russian market. MPB will complement the local knowledge and expertise regarding products, services and banking operations thereby utilizing the strategic opportunities that are emerging.
Rosprombank currently focuses on business financing; retail banking will also be developed via its fast expanding branch network.
|
|
|
|
|
|
