Expobank negotiating its European business sale – Board Chairman

TASS Russian News Agency | Oct 20, 2021 at 2:07 PM

MOSCOW, October 20. /TASS/. Expobank is in talks over the sale of its business in Europe, major shareholder and Board Chairman of the Russian private bank Igor Kim told reporters on Wednesday.

Expobank has a presence in Latvia, Serbia, and the Czech Republic.

"We have talks. Let me say, when a proper buyer with a reputation, clear strategy and good price appears, then we will be certainly ready for that," Kim said, responding to the question whether the sale of the European business is being considered. The talks are with "a third party," he noted.

"We are ready, so to say, for proper transactions. If a deal is attractive for us, we are ready," the Board Chairman added.

At the same time, Expobank signed an agreement of intent with the state assets management agency of Uzbekistan for the privatization of Poytaxt Bank. "We believe Uzbekistan is on the rise now as an economy, as a market," Kim said. "We therefore decided to bid, having assessed this market highly positively. However, since this is a tender held by the government, all the procedures are underway there and we cannot say in advance what the result will be," he added.

The net profit of Expobank under IFRS amounted to 3.4 bln rubles ($47.9 mln) over nine months of this year, Kim said.

Expobank ranks 47th in terms of asset size among Russian banks.