News

10/26/2017

Expobank to Buy Subsidiary of Yapi Ve Kredi Bankasi A.S.

Expobank has signed an agreement with Yapi ve Kredi Bankasi A. S., Turkey, to buy 100% shares of JSCB Yapi Kredi Bank Moscow.

The transaction is expected to close by the end of 2017 pending the approval from the Central Bank of Russia.

Yapi Kredi Bank Moscow was the first Turkish bank to enter the Russian market: in 1988 as a representative office and in 1993 as a Russian commercial bank. The bank is focused on corporate lending and on trade finance in particular. The majority of its client base is formed by Turkish companies operating in Russia. According to its 2016 results, the credit institution yielded RAS profits of RUB 253.9 mln.

Kirill Nifontov, member of the Board of Directors of Expobank LLC, said “this transaction is implemented in line with our strategy and is aimed at the expansion of our international relationships. We expect to maintain service at a high level and want to enhance our competence in supporting foreign clients. Yapi Kredi Bank’s team has all the expertise that will enable us to ensure mutually beneficial cooperation with Turkish companies.”

For the Expobank Team and Mr. Igor Kim, this is the seventh deal of buying assets from an international banking group in recent years. The following acquisitions have been made previously: the Russian and Kazakhstan subsidiaries of the Royal Bank of Scotland (UK), Marfin Bank A. D. Beograd (Serbia) from Cyprus Popular Bank Public Co Ltd., LBBW Bank CZ a.s. (Germany), WestLB Vostok from WestLB AG (Germany), FB-Leasing from VR Leasing AG (Germany), and the Russian subsidiary of Barclays Bank PLC (UK).

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