Bank Saint Petersburg completed on February 10, 2014 a transaction to buy 100% of Kaliningrad-based Evropeiskiy. The deal was approved by the bank’s supervisory board and the Bank of Russia.
The purchase/sale agreement was signed on January 23, 2014.
At present, Evropeiskiy operates as a subsidiary of Bank Saint Petersburg.
By taking a decision to snap up Evropeiskiy’s assets Bank Saint Petersburg’s shareholders and executives were guided by a 4-year development strategy, which was approved in November 2013, according to which the bank set the target to establish a financially efficient institution with a scalable business model and the opportunity to roll it out in new regions and areas of business.
Bank Saint Petersburg thinks that this deal will help it roll out SME lending in the Kaliningrad region, and retail business as well, and grab over 10% of the banking market in Kaliningrad and the Kaliningrad region.
