Expobank CZ (Czech Republic) has completed the acquisition of Marfin Bank in Serbia;Expobank management now plans to focus on Eastern Europe and the Balkans; the consolidation of Expobank assets within the European Union is being considered.
Igor Kim held a press conference in Moscow today, at which he discussed the latest developments regarding the structure of his banking investments and his plans to develop the business in Russia and abroad. Igor Kim’s strategy is aimed at creating a portfolio of banking assets that is balanced with regards to business and geography, with a primary focus on the markets of Eastern Europe, the Balkans, and Russia.
Among the most significant recent changes in the structure of his assets, Mr. Kim highlighted the acquisition Marfin Bank A. D. Beograd (Serbia) and the consolidation of his existing businesses in the European Union countries under Expobank CZ (Czech Republic). These changes do not affect the Expobank Russia, which will continue to pursue its current strategy. Igor Kim noted that Expobank Russia remains profitable, earning over RUB 3 billion in net profit for 2016.
During the press conference, Igor Kim said: “The Common Free Market Zone and regulation within the European Union mean that the conditions for consolidation are optimal. This will enable us to strengthen operational and credit risk management, as well as ensure maximum transparency for our clients and regulators. The Expobank CZ team has built a strong, efficient, and transparent bank that meets the highest expectations of our clients for international banking services. By acquiring Marfin Bank, Expobank CZ is reinforcing its position in promising markets such as the Balkans and Southeastern Europe.”
Acquisition of Marfin Bank A. D. Beograd
Expobank CZ a.s. completed the transaction acquiring 100% of the shares of Marfin Bank A. D. Beograd (Serbia) from Cyprus Popular Bank Public Co. Ltd. All necessary regulatory approvals have been received from the Serbian regulator and the Czech National Bank. Igor Kim sees great potential in developing the banking sector in Serbia, and the scale of Marfin Bank is ideal for an initial investment. Expobank CZ intends to develop the Serbian bank as a universal bank by bringing its investment banking offering, as well as to increase the share of international operations through cooperation with the existing network and client base of Expobank in the European Union.
Marfin Bank AD provides banking services to companies, retail clients, entrepreneurs, and international financial institutions. The bank is well represented in Serbia, with 18 offices in Belgrade and other key cities. The bank was founded in 1990.
Consolidation of European Union business under Expobank CZ
Plans were announced to consolidate business within the countries of the European Union under Expobank CZ (Czech Republic). This decision will facilitate business development with European banking partners and clients, improve the quality of services, and optimise operating expenses. Synergies from consolidation of the banking assets will benefit Expobank CZ (Czech Republic), making it more stable in changing economic conditions.
Expobank CZ a.s. is a universal commercial bank that offers a full range of banking services, with equal focus on corporate and private banking customers. The bank’s focus is on providing smart products and services that meet customers’ needs, no matter how complex. This includes corporate banking services, treasury services, real-estate financing and export and trade financing, as well as a broad range of private and personal banking services for demanding customers. The bank’s highly professional staff are ready to develop comprehensive, smart, and tailored solutions; Expobank CZ a.s. takes pride in being able to approach each customer individually and with great care to detail.