CPB in Purchase Agreement with Expobank Cz A.S.

Cyprus Popular Bank Public Co Ltd (CPB) entered on September 30, 2016 into a Share Purchase Agreement with Expobank Cz A.S. to sell its participation in Marfin Bank A.D. Beograd (MBS), representing 99.09% of the bank’s fully paid share capital and 72.50% of the bank`s preferred shares.

Chris Pavlou, Special Administrator of CPB, said, according to a press release, that after ten years of presence in Serbia, CPB divests from MBS "following a transparent international tender process with the participation of four international investors".

"This underscores our mission and commitment to maximize the benefit of CPB’s creditors. I am also pleased that the bank’s new owner, Expobank CΖ A.S., has informed me that it has long-term plans to develop MBS", Pavlou said.

Investment Bank of Greece S.A. (IBG) is acting as financial advisor to CPB. M. & P. Bernitsas Law Offices is acting as lead legal counsel to CPB with the assistance of Tornaritis Law Firm. Closing of the transaction is subject to regulatory approvals in Serbia, the Czech Republic and Cyprus.

Source: Famagusta Gazette