Belarus,Poland : GETIN expands its banking business in BELARUS.
Getin has announced its acquisition of 95.5% of BBSB's stocks for $4.9m from investors among which were the European Bank for Reconstruction and Development (EBRD) and the World's Bank International Finance Corporation (IFC). Each of these investors control 21.67% of its shares.
Oleg Andreyev, managing director of investment banking at Minsk-based company EnterInvest, says since its 2008 acquisition of Sombelbank, Getin was looking to buy another bank in Belarus that had a regional network, a transparent structure of owners and at a reasonable price. BBSB fulfils all these requirements. Moreover, this Belarusian lender has a wide client base among private entrepreneurs.
Last year, Getin failed in its efforts to acquire Paritetbank, due to a disagreement over the asset s value. Getin being controlled by Polish businessman Leszek Czarniecki, owns financial firms across Central and Eastern Europe in Poland, Romania, Russia, Belarus and Ukraine.
The deal would enable BBSB to meet the National Bank of the Republic of Belarus' requirements regarding the minimum level of capital needed by a bank operating on the local market.
BBSB is required to boost its regulatory capital by about 18m by the beginning of 2015.
2013 Al Bawaba (Albawaba.com)
Provided by Syndigate.info an Albawaba.com company
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|Date:||Oct 22, 2013|
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