The acquisition will provide International Personal Finance (IPF) with a banking license to enable it to operate within the Russian market. The bank will be re-named IPF Bank.
Christopher Rodrigues, group CEO of IPF, said: We are delighted to announce this acquisition which will enable us to progress our plans for entry into the Russian market in the first half of 2008. Russia represents a huge opportunity for IPF and we are very pleased to be able to deliver this important step of our strategy.
