Marfin Popular goes ahead with takeover of Russian Rosprombank

Marfin Popular Bank, the second-largest lender in Cyprus, announced that it will fully acquire the Russian subsidiary OJSC RPB Holding, owner of Rossiysky Promyishlenny Bank (Rosprombank) and OOO RPB Leasing, for 51.6 mln euros ($72.6 mln).
Marfin had acquired 50.04% of OJSC RPB Holding in 2007 for 83 mln euros ($119 mln). The agreement to acquire the balance of 49.96% of the unit was subject to regulatory approval in both the Russian Federation and in Cyprus. The deal is expected to be concluded in the second half of 2011.
In a Cyprus Stock Exchange filing MPB said it was the first Cypriot bank to establish a banking presence in the Russian Federation in December 2007.
Moscow-based Rosprombank was established in 1995and has a network of 30 branches covering major cities, including Moscow and St. Petersburg, and employs 485 people.
MPB plans to expand Rosprombank into a full-service bank, extending its banking operations beyond Cyprus and Greece, to Russia, Ukraine, Romania, Serbia, the UK, Malta and Estonia. It recently sold a majority 85% stake in its Australian subsidiary to Lebanon’s Bank of Beirut for 52.7 mln euros (AU$ 142.9 mln).