Bank Saint Petersburg completed its acquisition of a 100 percent stake in Bank Evropeisky on Feb. 10 when the transaction was approved by the bank's supervisory board and the Central Bank of the Russian Federation.
The sale and purchase agreement was signed on Jan. 23. Bank Evropeisky is currently operating on the market as a subsidiary of Bank Saint Petersburg.
The decision to acquire the business of Bank Evropeisky was based on a development strategy for the upcoming four years that was adopted by Bank Saint Petersburg in November that includes building an efficient financial institution with a scalable business model that can expand to new regions.
With the acquisition of Bank Evropeisky, Bank Saint Petersburg, through its branch network and customer base, will boost SME lending as well as its retail business in the region and control more than 10 percent of the banking services market in Kaliningrad.
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