31st Dec 2007 10:27
International Personal Finance Plc31 December 2007 International Personal Finance 31 December 2007 International Personal Finance plc Russian Bank Acquisition International Personal Finance plc (IPF), the recently listed internationalcompany offering small sum, unsecured credit to 1.9 million customers in sixemerging markets, today announces the acquisition of OOO Maritime CommercialBank of Kaliningrad from Igor Dergunov and Maritime Joint Stock Bank. Theconsideration payable in cash is RUR 140m (approx £2.75m), subject to any finalclosing adjustment. The acquisition will provide IPF with a banking licence toenable it to operate within the Russian market. The bank will be re-named IPFBank. The acquisition is in line with IPF's strategy most recently outlined in itsDecember pre-close statement. IPF Group Executive Chairman, Christopher Rodrigues, commented: " We are delighted to announce this acquisition which will enable us to progressour plans for entry into the Russian market in the first half of 2008. Russiarepresents a huge opportunity for IPF and we are very pleased to be able todeliver this important step of our strategy." Enquiries: Victoria RichmondIPF0113 285 6873 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Inter. Pers.