Expobank Successfully Closes Deal on Acquisition of RBS Russia

Expobank has successfully closed the deal on acquisition of The Royal Bank of Scotland ZAO, the Russian subsidiary of RBS Group.

The transaction was completed as planned upon receipt of all necessary approvals of the Bank of Russia.

According to Kirill Nifontov, member of Expobank's Board of Directors: “We have been working with international financial institutions for quite a long time and have an established positive reputation in the M&A market. We have acquired a bank with high quality corporate clients, which fully conforms to the development strategy of Expobank (Russia). We are confident that we will provide our clients with quality service and wider geographical footprint”.

RBS Group decided to sell its Russian subsidiary as part of its general strategy to exit certain markets and to focus on developing business in the UK. The Royal Bank of Scotland ZAO is expected to be merged into Expobank LLC by the end of 2016.

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