Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Banking

EXPOBANK CZ COMPLETES PURCHASE OF MARFIN BANK JSC BELGRADE

EXPOBANK CZ COMPLETES PURCHASE OF MARFIN BANK JSC BELGRADE

Expobank CZ has become the first Czech bank to enter the Serbian market by completing the acquisition of Marfin Bank JSC Belgrade.

Cyprus Popular Bank agreed to sell Marfin Bank to Expobank in September 2016. Following approvals by regulatory authorities in the Czech Republic, Serbia and Cyprus, the transaction has been completed, and Expobank CZ now owns 100% of the shares of Marfin Bank JSC Belgrade.

Expobank CZ’s majority shareholder is Igor Kim, an international investor in banking and financial services with assets in countries from Kazakhstan, Russia, Czech Republic to the UK. Mr. Kim has completed a large number of M&A transactions, and has worked with international financial institutions such as EBRD, IFC, and KfW Bankengruppe. He has completed successful acquisitions from international banking groups including Barclays, RBS, LBBW, WestLB, MorganStanleyand Santander.

Expobank CZ has operated in the Czech Republic since 1991 as a universal commercial bank offering a complete range of services, with equal focus on corporate, private and affluent individual clients.

Kleovoulos Alexandrou, the Special Administrator of Cyprus Popular Bank, said: “This is the first subsidiary of Cyprus Popular Bank that has been sold as part of the process of settling obligations to deposit-holders, who are now creditors of Cyprus Popular Bank. I expect that this will be the first of a number of successful sales of other subsidiaries.”

Kirill Nifontov, the newly appointed Chairman of the Board of Director s of Marfin Bank, said: “I am happy to announce the completion of our acquisition of Marfin Bank JSC Belgrade, and look forward to working with the bank’s current clients and employees. This acquisition is inline with Expobank’s international development strategy, and we will seek to support greater economic cooperation between the Czech Republic, Russia,and Serbia.”

CEO Borislav Strugarevic will continue to lead Marfin Bank, with the aim of leveraging opportunities in the Serbian market alongside Expobank’s international experience and expertise. The bank’s management team will focus on improving the range and quality of services and client satisfaction, and increasing the value Marfin Bank creates for its stakeholders.

Marfin Bank JSC Belgrade plans to change its name to Expobank, in line with the change of the ownership.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post