According to an announcement, MPB was the first Cypriot Bank to establish a banking presence in the Russian Federation in December 2007, through its acquisition of 50.04% of OJSC RPB Holding, the parent company of Rosprombank. The current transaction increases MPB΄s participation in Rosprombank to 99.927% via its 100% holding in OJSC RPB-Holding.
Moscow-based Rosprombank was established in 1995, and services customers across the Russian Federation, via 27 branches and points of sale. The Bank focuses on providing universal banking products and services to local and international large corporate and small-to-medium size businesses (SME).
Completion of the transaction is expected to take place during the second half of 2011, subject to all regulatory approvals from relevant authorities in Cyprus and the Russian Federation.
The above transaction is a key milestone towards MPB΄s strategic objective of further enhancing the integration of its international operations and maximizing operational efficiencies. Furthermore, it is aligned to the Group΄s strategy of strengthening its presence on the ground in key emerging European markets. This will enable the Bank to leverage on its rapidly expanding International Business Banking franchise with a view to capturing an increasing part of the global transactional flows.
source: CAPITAL
