BELARUS NEWS AND ANALYSIS

DATE:

10/01/2007

Czech tycoon Kellner buying small bank in Belarus

Prague, Jan 9 (CTK) - The co-owner of Czech group PPF Petr Kellner has acquired small Belorussian bank Lorobank for EUR 4.8 million (some CZK 130 million) within his expansion eastwards, daily Mlada fronta Dnes writes today referring to the local agency Prime-Tass.

PPF spokeswoman Dita Fuchsova said however that the deal has not been completed yet.

"We will inform about the purchase after the transaction is finalised," she told the paper.

PPF is active in Russia and eastern markets through Home Credit & Finance Bank, which is to take over the bank.

Lorobank, with capital exceeding EUR 5 million, has met conditions to be granted a general banking licence thanks to Kellner?s injection, the daily said. The Belorussian central bank has thus enabled Lorobank to search without restraint for clients among individuals and legal entities as of January 1, while before it was allowed to operate on the territory of the free economic zone of Minsk only.

PPF will probably use the banking licence to expand in the area of consumer loans, like it did in Ukraine and Kazakhstan, Mlada fronta said.

Source:

http://www.praguemonitor.com/ctk/?story_id=w49495i20070110;story=Czech-tycoon-Kellner-buying-small-bank-in-Belarus--press