Ukrsotsbank and Alfa-Bank combine their assets

Ukrsotsbank and Alfa-Bank combine their assets

05.02.2016 News

Ukrsotsbank and Alfa-Bank combine their assetsAlfa-Bank intends to consolidate its Ukrainian unit with Ukrsotsbank, said the Chairman of the Board of Directors Peter Aven.

 “Association of Alfa-Bank and Ukrsotsbank can take years. Various options are possible for future transactions with UniCredit in Russia”, – Quotes Bloomberg agency his  statement to journalists in Kiev. According to Aven, “Alfa-Bank” is going to increase its capital in 2016 in accordance with the requirements of the Central Bank. As pointed out the General Manager of Ukrsotsbank Mauro Maschio, who was present at the same event, the capital increase of Ukrsotsbank, on the contrary, will exceed the requirements of the Central Bank. Earlier the banking group UniCredit Group signed an agreement for the sale of Ukrainian units – Ukrsotsbank – to the ABH Holdings company, a member of the Russian Alfa Group.

For its division UniCredit will receive 9.9% of ABH Holdings. At the same time UniCredit will receive one seat on the Board of Directors of ABH Holdings, and can oblige the company to conduct an initial public offering (IPO) as the protection of their rights.

ABH Holdings is a private investment holding company with investments in a number of banking groups on the territory of CIS countries and Europe. It Includes the Alfa-Bank (Russia), Alfa-Bank (Ukraine), Alfa-Bank (Belarus), Alfa-Bank (Kazakhstan) and Amsterdam Trade Bank N.V.  In August, the largest by assets Bank of Italy began negotiations with ABH Holdings on the sale of Ukrsotsbank. In December 2013, two Ukrainian assets of UniCredit Group, which operates on the local market since 1997, were merged. Integrated Bank joined Ukrsotsbank  PJSC and UniCredit Bank OJSC. The UniCredit Bank network has 287 retail outlets in Ukraine. The stuff of financial institution includes 4830 employees. UniCredit Group owns Unicredit Bank, which is operating in the Russian Federation.

Source: rian.com.ua

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