Marfin Popular Bank acquires Rosprombank

Marfin Popular Bank Public Co Ltd (“MPB”) and the shareholders of OAO RPB-Holding (“RPB-Holding”), the parent company of OOO Rossiysky Promyishlenny Bank (“Rosprombank”) entered into a definitive agreement for the acquisition of a 50.04% equity interest in RPB-Holding by MPB for o total consideration of EUR83 mln.

Rosprombank is a fast-growing Russian bank, with a particular focus on attractive SME segment of the market and a distribution network comprising of 30 branches, covering major Russian cities, including Moscow and St Petersburg, and their surrounding areas. The bank employs 485 people.

As per the unaudited financial statements as of and for the 9 months period ended 30 September 2007, Rosprombank had total assets of USD387 million, net customer loans of USD235 million and customer deposits of USD215 million. Profits after tax for the financial year ending 31 December 2007 are expected to be in the region of USD17 million. 

Closing of the transaction is expected in the first half of 2008, following receipt of all regulatory approvals from the relevant authorities in Cyprus and the Russian Federation.

Commenting on the agreement the CEO of the MPB, Andreas Vgenopoulos made the following statement:

“The Expansion of the Bank into the Russian banking market is an important step enabling MPB to realize its stated aim of becoming a key regional player. MPB’s product expertise and capital adequacy, supported by the local partners’ strengths and deep knowledge of the Russian market, will accelerate growth of Rosprombank into a full-service universal bank serving a diverse base of retail and corporate clients. We believe that the expansion of our Group activities in Southeast Europe and the synergies associated with it, will create significant value for our shareholders”.