History
2023: Sale of the company to a Montenegrin bank
The structures of Russian businessman Igor Kim sold his last asset in Europe, Expobank A.D. Belgrade in Serbia, to Montenegrin bank Adriatic Bank A.D. Podgorica. This was announced on April 14, 2023 by the law firm Schoenher, which acted as a consultant to the transaction. It clarified that the financial consultant of the transaction was the Belgrade branch of KPMG.
Adriatic Bank A.D. Podgorica is the fifth bank in Montenegro in terms of assets and the youngest bank in the local market, Schoenher said. Adriatic Bank AD Podgorica's experience and success in Montenegro will serve as a good basis for positive change in Expobank AD Belgrade, Schoenher added.
Expobank A.D. Belgrade belonged to the Czech Expobank CZ, but in September 2022 Igor Kim closed the deal to sell the bank in the Czech Republic to the local Creditas player, so the Serbian subsidiary was transferred to the ownership of the Russian Expobank, one of the informed sources told Frank Media.
The buyer of the Serbian bank Montenegrin Adriatic Bank was founded in 2016. Initially, it belonged to the structure of the Azerbaijani investment company Azerbaijan Global Investments - Azmont Investment. In 2020, Azmont Investment sold the Montenegrin bank to the American Adriatic Capital. On the Expobank A.D. Belgrade website at the time of publication of the material (April 18, 2023), the co-owner of Expobank Kirill Nifontov is listed as the chairman of the board of directors.
Igor Kim began to get rid of European assets in 2022. In February of that year, before the outbreak of a military conflict in the territory, it Ukraine became known that he had sold a banking business Latvia to a local Signet Bank player. In September, the businessman closed the deal to sell the Czech Expobank CZ to the local Creditas bank. By April 2023, Kim owns 85.45% of the Russian Expobank. Previously, he talked about plans to sell the entire banking business in Europe and enter the market. Uzbekistan[1]
Notes
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