PPF Group and NOMOS-BANK to form strategic partnership to create universal banking group in Russia
One of the important conditions of the agreed principles of the deal is preservation of the stability of the management teams, as well as the commercial policies of both banks.
Both partners are convinced that this will be a perfect strategic and organizational fit for future growth – the partnership combines Nomos Bank’s expertise and strength in corporate banking and structured finance with HCFB’s position as a leading provider of consumer finance in.
It is expected that the strategic partnership will be concluded in the fourth quarter of the year. The transaction is subject to the approval of the relevant regulatory and anti trust authorities.
Commenting on the agreement, Jiri Smejc, shareholder of PPF Group, said:
“Nomos Bank, like PPF Group, has a proven track record of entrepreneurial spirit and value creation in and we look forward to working closely together and leveraging joint synergies across the region. By joining forces we can create a universal banking group and benefit from growth opportunities in banking and consumer finance in Russia.”
Nickolai Dobrinov, Nomos Bank’s Chairman of the Board, added:
”The establishment of a strategic partnership with PPF Group will provide stability and dynamic development for the good of our clients. Together with PPF Group we are totally committed to ensuring the highest standards of service and relationship management for our corporate customers, retail clients and distribution partners. The partnership of the two banks will allow us to create one of the largest universal banking groups in Russia, with net asset value in excess of $6 billion. Our strategy will be based on a complementary partnership which will allow us to combine HCFB"s position as a leading provider of consumer finance and NOMOS-BANK"s expertise and strength in corporate banking”.
About Nomos Bank
Nomos Bank (Moody’s Ba3/NP/D-, Fitch B+/B/D) was founded in the year 1993 and since then has evolved into one of ’s leading private financial institutions. Today Nomos stands among the most active and rapidly developing commercial banks in Russia demonstrating stable dynamics of asset and equity growth. Nomos Bank is focusing primarily on corporate banking, providing a wide range of services, including traditional banking products, investment banking services, structured finance and leasing services, for 27 000 corporate customers. At the end of 2006 the Bank’s IFRS assets were estimated at RUR 108.8 billion (approximately US$ 4.13 billion), while its equity amounted to roughly RUR 15.2 billion (approximately US$ 579 million). Today Nomos Bank is included in the list of TOP-1000 world banks, published annually by ‘The Banker’ magazine, ranking 659th among the largest banks of the world and 16th among the top banks of the Central and Eastern Europe.