Renaissance Capital Acquires Leadbank From Bank of Cyprus
Renaissance Capital announced yesterday that it will be purchasing 100% of the equity of Cyprus’s Leadbank (formerly Bank of Cyprus) for an undisclosed sum.
Leadbank LLC, which was established in April 2007 as Bank Kypra LLC, operated through a single Moscow branch and was basically a shell following Bank of Cyprus’s consolidation of its Russian operations in 2009. At that point, 100% of the bank’s loan portfolio was sold to 80% Bank of Cyprus subsidiary Uniastrum Bank, which has a network of 220 branches throughout Russia.
According to Bank of Cyprus, the sale will be at a premium to the net asset value of Leadbank LLC, which was around €11.7 million as of December 31, 2009.
The private equity acquisition is still pending approval by the Central Bank of Russia.
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