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Credit Europe Bank N.V. has completed the spin-off of its Russian banking subsidiary to Fiba Holding A.S. and Fina Holding A.S.


Credit Europe Bank N.V. has completed the spin-off of its controlling shareholding in its Russian subsidiary, Credit Europe Bank Ltd., to FIBA Holding A.S. and FINA Holding A.S., both ultimate shareholders of Credit Europe Bank N.V. 

As part of the spin-off Mr. Husnu Mustafa Ozyegin remains the ultimate beneficial owner of Credit Europe Bank Ltd. (Russia). The new shareholders structure of Credit Europe Bank Ltd. is as follows: FIBA Holding A.S. holds 55% of the shares, FINA Holding A.S. holds 35% of the shares and Credit Europe Bank N.V. holds 10% of the shares. 

As a result of the transaction Credit Europe Bank N.V. and Credit Europe Bank Ltd. became independent from each other and there is no material interconnectedness between them.

Changes in shareholders’ structure will not influence Credit Europe Bank Ltd.’s business model either in short-term or long-term perspective. ACRA Ratings, Moody’s Ratings and Fitch Ratings have been informed about the upcoming spin-off at the end of 2017 and maintained Credit Europe Bank Ltd. ratings at its current level.

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