SDM-BANK shareholders signed an agreement to sell 76% of shares to the Israeli bank HAPOALIM
SDM-BANK shareholders have signed an agreement to sell approximately 76% of the shares to the Israeli bank Hapoalim. The bank was valued at US $142.5 million upon the closing of the deal. The Chairman of the Board of Directors of SDM-BANK Mr. Anatoly Landsman, gave his comments on the deal: ”Business relations with the bank Hapoalim will be a good stimulus for the further development of SDM-BANK as a one of the leading commercial banks working with small and medium-sized enterprises and providing services to its corporate clients’ employees.”
“The support of Bank Hapoalim will allow us to present new products to our customers, and to improve the quality of the services we offer. Besides we will be able to attract cheaper and longer resources, that is to offer more favorable terms to our customers”, said Chief Executive Officer Mr. Maxim Solntsev.
This deal to sell 76% of SDM-BANK shares is unique on the Russian bank market, since upon its closing the management of the bank will not change. Anatoly Landsman will maintain his position as the Chairman of the Board of Directors, and Mr. Maxim Solntsev will remain the Chief Executive Officer of the bank. Other top-managers of SDM-BANK have also signed long-term employment contracts. As of the end of 2007 the Bank assets totaled US $632 million. During the years 2004-2007 the credit portfolio of the bank was growing at an annual average rate exceeding 30% (in dollar terms) and reached US $310 million at the end of 2007. SDM-BANK’s net profit was US $15 million for 2007.