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 Alfa-Bank and Ukrsotsbank to merge

Alfa-Bank and Ukrsotsbank will form the third largest banking corporation in Ukraine. UniCredit group will become shareholder of the ABH Holdings, which owns Alfa-Bank.

This is reported by Censor.NET citing Ekonomichna Pravda and president of Ukrainian Alfa-Bank Oleksandr Lukanov. He explained the merge was another step in cooperation between the two groups, since over the past two years Alfa Group was the largest minority investor in UniCredit. Alfa Group also supported UniCredit's SPO.

"We are happy to invite the new shareholder and hope this cooperation will positively affect the development of Ukrainian banking sector," Lukanov said.

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He refused to give any further comments until the merge is finalized. The companies will negotiate over the next three months, after what UniCredit will receive minority share in ABH Holdings in return for sale of its Ukrainian bank.

"If the deal is approved through all relevant authorities, UniCredit will become the holding's shareholder, which will own banks in Russia, the Netherlands, Kazakhstan, Belarus, and two banks in Ukraine," a source in the National Bank of Ukraine said to EP. According to him, NBU will most probably have no problems with approving the merge.

 
 
 
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