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Ukraine: Italian Banca Intesa Buys 85.42% Stake In Ukrsotsbank
Owners of Ukrsotsbank agreed with Italian Banca Intesa to sell 85.42% stake in the bank for US$1.16 billion.
Owners of Ukrsotsbank agreed with Italian Banca Intesa to sell 85.42% stake in the bank for US$1.16 billion. This includes US$60 million of investments in authorized capital of local bank. Intesa considers that 100% ownership will cost US$1.31 billion. Besides the Italian bank, Société Générale and Hungarian OTP Bank bid for Ukrsotsbank. According to information of Fitch and S&P, billionaire Victor Pinchuk previously had the controlling stake in the bank. The press-service of Banca Intesa indicated the transaction will be completed in two steps, as the capital increase should be carried out as well.
The first step is expected to be completed in May after the receipt of all regulatory approvals. The second step is expected to be completed not later than September once the capital increase formalities dealt with. With this acquisition, Banca
Intesa is pursuing its planned strategy of selective strengthening in Central and South-Eastern Europe, where it is now provides services for population of over 80 million people in six countries. The bank also has operations in Russian Federation.