Expobank CZ to be acquired by a consortium of Signet Bank AS from Latvia and US investors
The shareholders of Expobank CZ a.s. (hereinafter "Expobank CZ"), a Czech bank controlled by a banker Igor Kim, today announced an agreement on the sale of 100% of the bank’s shares to a consortium of Signet Bank AS from Latvia and US investors. The transaction is subject to approval of the Czech National Bank (ČNB) which has already been officially informed. Once the transaction is approved by ČNB and completed, Expobank CZ will no longer have any Russian shareholders.
The agreement announced today is a result of the long-term publicly known intent of the Expobank CZ’s shareholders to sell the bank to a strategic partner that will enable the bank to further grow and expand. The Expobank CZ shareholders have been negotiating with the Consortium since 2021. The main reason for the transaction is that the Expobank CZ shareholders have recently decided to focus on their business in other markets than the Czech Republic.
“The acquisition of Expobank CZ represents exciting news for clients, employees, and other stakeholders. It brings new opportunities for further long-term strategic development of the bank in the Czech Republic,” said Roberts Idelsons, Chairman of the Management Board of Signet Bank AS.
Signet Bank AS, based in Riga, Latvia, holds a banking license from the Latvian Financial and Capital Market Commission (FCMC) and the European Central Bank (ECB). Earlier in 2022 it acquired a 100% stake in the Latvian AS Expobank.
A pdf version of this communication can be downloaded HERE