Expobank buys 15% EBRD equity stake in SDM-Bank capital22 November 2018
Expobank LLC has completed acquisition of 15% equity stake in SDM-Bank from European Bank for Reconstruction and Development (EBRD).
Maxim Solntsev, SDM-Bank Chief Executive Officer, сommented out: «EBRD became a shareholder of SDM-Bank in 2011, and we are grateful for the longstanding successful collaboration. Assisted by EBRD we have improved business procedures and the corporate governance. The efficiency of our conservative banking business model has been repeatedly commended by both Russian and international rating agencies. Initially, EBRD mandate suggested its participation in our bank's capital for 5-7 years, and we understand EBRD's decision to sell its block of shares after this period expired. Also we can see that EBRD is reviewing its investment strategy in Russia in general and reducing its financial investment in Russian assets. With the support of a new shareholder we will continue developing high-quality service of small and meduim-sized businesses and individuals.»
Expobank Board of Directors member Kirill Nifontov stated: «The business model of SDM-Bank is successful and profitable. For us this purchase is a portfolio investment. As shareholders we are interested in SDM-Bank keeping the stable pace of development it has been showing for many years.»
A new investor entering the stock doesn't involve integration of the two banks: SDM-Bank will keep focusing on small and medium-sized businesses, and Expobank will continue working with large corporate clients and wealthy private clients and developing niche retail business.