Bank Saint Petersburg has completed a transaction on acquisition of Bank Evropeisky
On February 10, 2014, Bank Saint Petersburg has completed a transaction on acquisition of a 100% interest in Bank Evropeisky (Kaliningrad). The transaction was approved by the Bank's Supervisory Board and the Central Bank of the Russian Federation.
Sale and purchase agreement was signed on January 23, 2014. Bank Evropeisky is currently operating on the market as a subsidiary of Bank Saint Petersburg.
The decision to acquire the business of Bank Evropeisky made by the Bank's shareholders and top managers is based on the development strategy for the upcoming 4 years adopted in November 2013 setting the Bank's target which is to build an efficient financial institution with a scalable business model that could expand over new regions and the regions of presence.
With the acquisition of Bank Evropeisky Bank Saint Petersburg through its branch network and customer base will boost SME lending as well as retail business in the region and control over 10% of the banking services market in Kaliningrad and the Kaliningrad Region.