The sale of Expobank CZ to a consortium of Latvian Signet Bank AS and American investors announced in March will not take place. The consortium decided to withdraw from the purchase due to a change in its investment strategy, the banks said.
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At the same time, they stated that they continue to operate independently and nothing changes for their clients or employees.
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“Creditas Bank is a stable financial institution that has ambitions to grow both organically and through acquisitions. The purchase of Expobank CZ is fully in line with our growth strategy. The business models of Banka Creditas and Expobank CZ complement each other appropriately, and this can lead to further expansion of products and development of services for clients,” said the Chairman of the Board of Directors of Banka Creditas, Vladimír Hořejší.
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“This transaction is another impetus for the growth of Expobank CZ on the Czech market. Our strategy will be to use the synergy between the two companies and the background of the strong Czech owner. Expobank CZ will continue to concentrate mainly on retail banking and the provision of services with the maximum use of modern technologies,” said the Chairman of the Board of Directors of Expobank CZ, Petr Krumphanzl.
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Expobank, which is one of the smaller Czech banks with a balance sheet total of 12 billion crowns, focuses on domestic and foreign corporate clients, private banking and financial services for citizens. Its majority owner, Igor Kim, works as an investor in the Russian and European banking sector.
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Expobank CZ has been operating on the Czech market since 1991. It joined the network of banking houses called Expobank after its acquisition from the German LBBW in 2014.
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Banka Creditas was established in 1996 as 1. Třebíčská zálazna. By the end of 2016, it was the largest domestic credit union, and on January 1, 2017, it became a bank. It belongs to medium-sized banks with a balance sheet total of more than 80 billion crowns. The bank is part of the Creditas investment group.
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