KOMMERSANT. Igor Kim, whose strategy of setting up banking business has always included the acquisition of small regional banks with a subsequent consolidation into larger entities, has found a target to fold into Expobank.
Three sources familiar with the course of a deal told Kommersant business daily that Expobank, which is controlled by banker Igor Kim, is going to buy Surgut-based Sibbusinessbank, which in turn is under control of the Khanty-Mansiysky Autonomous District — Yugra Duma member Alexey Andreev. “Arrangements in this respect have already been made, the deal will be closed in coming weeks,“ said a banker close to the deal. “Sibbusinessbank has long been put up for sale, Igor Kim, who previously already analyzed other banks based in Surgut for a possible purchase, eventually decided to take over this bank,” the newspaper’s another source specified. According to Kommersant, the transaction price could equal the bank’s capital plus $5 mln, i.e. roughly Rub 1.2 bln. After the deal Igor Kim plans to fold the bank acquired into Expobank, the newspaper’s sources said.
The acquisition of a regional bank is in line with the M&A strategy, which Igor Kim has traditionally adhered to, expanding his banking projects, Ursa Bank in particular. “This year Igor Kim plans to transact at least two more deals to buy banks for a subsequent takeover by Expobank," a source close to the banker specified.
For the record, Igor Kim and his partners acquired Expobank in autumn 2011, purchasing Barclays Bank from British group Barclays and giving back the lender’s initial corporate name. After pulling out in February 2012 of a project to merge MDM Bank and Ursa Bank, Igor Kim intended to roll out a new banking project on the basis of Expobank.
For the Tyumen region Sibbusinessbank is a fairly large banking asset, ranking fourth of 16 banks operating in the Tyumen region by credits issued to businesses and institutions.
