Expobank has successfully completed the deal on acquisition of LBBW Bank CZ from German Landesbank Baden-Württemberg (LBBW).
Earlier the bank obtained all necessary approvals from the Czech National Bank and Bank of Russia. As of now, Expobank is a 100% owner of LBBW Bank CZ.
"This deal is in line with the strategy of building up an international private financial company. We'll go on with the bank's development in the Czech Republic, using its strong market positions. The Bank intends to focus on the development of corporate business, on trade finance, private banking and on banking services for affluent customers. Expobank's clients in Russia will have new opportunities to enhance business cooperation with their partners in the Czech Republic and other EU countries," Kirill Nifontov, CEO of Expobank, was quoted as saying in the company's statement.
Maris Avotinš be appointed CEO of LBBW Bank CZ. Until recently he was CEO of AS Expobank, Latvia.
Expobank founded in 1994 was acquired by Barclays Bank in 2008 and was renamed as Barclays Bank. In 2011, the bank was purchased by Igor Kim and was renamed Expobank again.