Ownership changes in Ukrainian banking sector

Due to the problems in Europe, many foreign banks that purchased financial institutions in Ukraine are considering options of either full sale of a bank or partial sale in the form of credit portfolios or retail networks.

One such example is Swedish group Skandinaviska Enskilda Banken (SEB) that sold SEB Bank (former Agio bank) to the former CEO of UkrSibBank, Oleksandr Odarych, at the beginning of June 2012. SEB will continue to operate in Ukraine as a corporate bank, serving its corporate and institutional customers.

German Commerzbank owns 96% of Forum Bank and is seeking to dump Ukrainian bank just a few years after acquiring it for USD 650 million and investing more than USD 1 billion. Smart Holding, owned by recently-naturalized Ukrainian billionaire Vadym Novinsky, announced on June 7 that it was in talks with Commerzbank to purchase its Ukrainian subsidiary.

However not all foreigners are looking for way out. Poland’s Getin Holding majority-owned by Poland’s fourth richest man Leszek Czarnecki, that already owns 99% of Idea Bank (former Prykarpatia Bank) plans to acquire another retail bank in Ukraine, which would then merge with Idea Bank.

By the end of the year, several more transactions could take place.

Source: Unian, Interfax Ukraine