AnaCap agrees €47m Czech bank deal

The FIG-focused firm is rounding off 2009 with its fourth acquisition of the year.

AnaCap Financial Partners has agreed to buy a seven-branch banking group in the Czech Republic for €47 million, in its fourth acquisition of the year.

The financial services-focused firm is acquiring Banco Popolare Ceska Republika, the Czech subsidiary of Italian group Banco Popolare.

“The credit crunch has encouraged some companies to divest non-core activities and this acquisition provides us the rare opportunity to grow a banking business in one of the most profitable banking markets in Europe,” AnaCap partner Chris Patrick said in a statement.

Banco Popolare acquired its Czech subsidiary in 2007 and employs around 100 people. The sale will allow Banco Popolare to generate an estimated net capital gain of around €7 million, the bank said in a statement.

This latest transaction rounds off a busy year for the firm, which closed its second fund on €575 million in June, almost double the size of its predecessor, which closed in 2006 on €300 million.

In May AnaCap became the first private equity firm to acquire a UK incorporated, deposit-taking bank when it acquired UK leisure and property lender Ruffler Bank, now rebranded as Aldermore.

Over the summer the firm bought Mediterranean Bank, a Maltese private bank serving high net worth individuals, as well as acquiring the the invoice financing operation of debt-laden UK subprime lender Cattles for £70 million (€77 million; $114 million).

Completion of the transaction is subject to due diligence and regulatory approval.