Russian owner to sell Czech Republic-based Expobank to Latvian, US investors

The shareholders of Czech lender Expobank CZ a.s., including its majority owner and Russian banker Igor Kim, agreed to sell a 100% holding in the bank to a consortium including Latvia-based Signet Bank AS and U.S. investors.

The transaction is pending approval by the Czech central bank. Financial details of the deal were not disclosed.

The sale agreement is the result of a long-term intention of Expobank CZ's shareholders to sell it to a strategic partner to enable its further development, the Czech lender said March 10.

Signet Bank earlier purchased Latvia-based AS Expobank, also controlled by Kim.

At the beginning of March, the Czech central bank initiated a procedure to revoke the license of Sberbank CZ a.s., a local lender with ties to Sberbank of Russia, after it was hit by deposit outflows following Russia's invasion of Ukraine.