Czech Expobank CZ acquires Marfin Bank Serbia – Change of name to follow soon

With the completion of the acquisition of Marfin Bank Belgrade, the Czech Expobank CZ has become the first Czech bank to enter the market of Serbia, and Marfin Bank will accordingly change its name to Expobank.

Following the approval by the regulatory bodies in the Czech Republic, Serbia and Cyprus, the transaction was completed and Expobank CZ is now the owner of 100% stock of Marfin Bank a.d. Beograd. In September 2016, Cyprus Popular Bank gave its approval for the sale, the Marfin Bank's press release says.

– This is the first branch office of Cyprus Popular Bank which was sold as part of the process of settling liabilities towards the depositors-owners, who are now creditors of Cyprus Popular Bank. I expect this to be the first one in the line of successful sales of other branch offices – said Kleovoulos Alexandrou, Special Administrator of CPB.

Kirill Nifontov, the newly appointed Chairman of the Board of Directors of Marfin Bank, said that he was satisfied due to the completion of the acquisition of Marfin Bank and added that the acquisition was in line with the planned development of the international strategy of Expobank CZ and its efforts to support greater economic cooperation between the Czech and the Serbian economy.

The majority shareholder of Expobank CZ is Igor Kim, an international investor in banking and financial services with assets in states ranging from Kazakhstan, Russia, the Czech Republic, to Great Britain, who, as said in the report, has realized a large number of mergers and takeovers.

Expobank CZ has been operating in the Czech market since 1991 and provides a full range of services of a universal commercial bank, focusing equally on corporate, retail and private clients.

Borislav Strugarević, President of the Executive Board of Marfin Bank, will continue running Marfin Bank to the end of maximizing the opportunities in the Serbian market, along with the international experience and expertise of Expobank CZ, the press release says.

Adriatic Bank a.d. Beograd

Expobank Prag

Marfin Bank

Expobank CZ

sale of Marfin Bank

Cyprus Popular Bank

Kleovoulos Alexandrou

Kirill Nifontov

Igor Kim

Borislav Strugarevic