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Expobank CZ to enter the Serbian market

Expobank CZ has become the first Czech bank to enter the Serbian market by completing the acquisition of Marfin Bank JSC Belgrade.

Cyprus Popular Bank agreed to sell Marfin Bank to Expobank CZ on 30 September 2016. Following approvals by regulatory authorities, the transaction was completed on 28 February 2017, and Expobank CZ became the sole shareholder of Marfin Bank JSC Belgrade. Marfin Bank plans to change its business name to Expobank.

Kirill Nifontov, the member of the Supervisory Board of Expobank CZ and the newly appointed Chairman of the Board of Directors of Marfin Bank, said: “I am happy to announce the completion of our acquisition of Marfin Bank JSC Belgrade, and look forward to working with the bank’s current customers and employees. This acquisition is in line with Expobank’s international development strategy, and we will seek to support greater economic cooperation between the Czech Republic, Russia and Serbia.”

CEO Borislav Strugarević will continue to lead Marfin Bank, with the aim of leveraging opportunities in the Serbian market potential alongside Expobank’s international experience and expertise. The bank’s management team will focus on improving the range and quality of services and client satisfaction, and increasing the value Marfin Bank creates for its stakeholders. 

‘’We are entering Serbia as we believe it is an interesting market with a high potential. In line with our strategy we continue looking at further acquisition opportunities in Serbia as well as other European countries,’’ commented on transaction Miroslav Kohout, member of the Board of Directors of Expobank CZ. 

Expobank CZ a.s. is a universal commercial bank that offers a full range of banking services, with equal focus on corporate and private banking customers. The bank’s focus is on providing smart products and services that meet customers’ needs, no matter how complex. This includes corporate banking services, treasury services, real-estate financing and export and trade financing, as well as a broad range of private and personal banking services for demanding customers. The bank’s highly professional staff are ready to develop comprehensive, smart, and tailored solutions; Expobank CZ a.s. takes pride in being able to approach each customer individually and with great care to detail.

Expobank CZ’s majority shareholder is Igor Kim, a strategic investor active in the Russian and European banking sectors with more than 20 years of successful experience in banking, Prague 02.03.2017 


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