Expobank, which is controlled by businessman Igor Kim, has wrapped up the takeover of former Royal Bank of Scotland (RBS) that was renamed Expo Finance this May, Expobank said in a press release on Monday.
To remind, Expobank completed the sale of a Russian subsidiary from Royal Bank of Scotland Group in early April 2016.
"As a result of integration, Expobank's capital increased to Rub 11.5 bln. 300 businesses with the passive base of Rub 9.5 bln became the bank's customers. All approvals from the Bank of Russia were obtained. The reorganization was carried out within the scheduled timeframe," Expobank's press service quoted management board chairman Alexey Sannikov as saying on Monday. Expobank earlier voiced its intention to take over former Royal Bank of Scotland before end 2016.
Sannikov added that the banks successfully finalized technology integration of balance sheets and product lineups.
As of July 1, 2016 Expo Finance's assets stood at Rub 16.7 bln, down over 25% YTD. Meanwhile, the bank's credit portfolio was just Rub 40 mln, the bulk of assets fell to high-liquidity assets and inter-bank loans granted.
