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.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: