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Report: Expobank CZ to take over Cyprus Popular's Serbian unit

Cyprus PopularBank Public Co. Ltd. agreed to sell 99.09% of the fully paid sharecapital and 72.50% of the preferred shares of to Czechlender Expobank CZa.s., SEEBiz reported Oct. 7.

The deal, signed Sept. 30, is pending the approval ofregulators in Serbia, the Czech Republic and Cyprus.

Chris Pavlou, special administrator of Cyprus Popular,reportedly said the bank is divesting its holding in the Serbian unit followinga transparent tender with the participation of four international investors,and that the new owner has long-term plans regarding the lender's development.

Expobank CZ is controlled by Russia-based .