Sibbusinessbank has become a 100% subsidiary bank of Expobank, the lending institution said in a press release. Sibbusinessbank’s primary shareholder, DSK Avtoban, became Expobank’s participant, with a stake of 9%.
“The Bank of Russia gave Expobank the green light to purchase 100% of Sibbusinessbank’s shares. The deal was successfully completed within the specified deadline. Sibbusinessbank’s clients will have more opportunities for cooperation, the lineup of the services provided will be expanded and, in particular, all clients will be offered more favorable terms for deposit products. The location of the bank’s offices will remain unchanged," the bank said in a press release.
Expobank is a former subsidiary of British Barclays Bank that renowned banker Igor Kim and his partners bought in October 2011. The bank’s key areas are lending and cash settlement services provided to businesses and households, retail deposits, securities and currency operations. Currently, the lending institution’s participants are Igor Kim (79.16%), board member and one of Group GMS beneficial owners German Tsoy (18.11%), co-owner of Krasnoyarsk-based Stromcombank Alexander Gaiduk (1.82%) and Orient Express Bank board member Kirill Nifontov (0.91%). As Banki.ru data show, as of August 1, 2012 the lending institution’s net assets totaled Rub 20.04 bln (No. 160 in Russia), capital (calculated in line with CBR requirements) came to Rub 4.21 bln, the credit portfolio totaled Rub 9 bln and obligations to households equaled Rub 5.57 bln.
Siberian Business Development Bank OJSC (Sibbusinessbank) is a mid-sized regional bank by assets. Its primary owner is entrepreneur Alexei Andreev. Its primary areas of business are corporate lending and maintaining accounts of commercial enterprises, and retail deposits. As of August 1, 2012 the lending institution’s net assets totaled Rub 4.65 bln (No. 387 in Russia), capital (calculated in line with CBR requirements) came to Rub 1.15 bln, the credit portfolio totaled Rub 3.11 bln and obligations to households equaled Rub 1.84 bln.
