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Ukrainian Group DF takes over Pravex-Bank from Intesa Sanpaolo

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2014-01-23 14:53

Group DF press release: Group DF strengthens its positions in the Ukrainian banking sector by acquiring 100% of Pravex-Bank from Intesa Sanpaolo.

Group DF has today signed an agreement with Intesa Sanpaolo, an Italian banking group, concerning the acquisition of 100% of the capital of Ukrainian Pravex-Bank.

Commenting on this deal, Chief Executive Officer of Group DF Boris Krasnyansky said: “Acquisition of Pravex-Bank goes in line with Group DF’s strategy for developing its banking business, which is one of the core businesses of the Group. This acquisition will substantially strengthen Group DF’s positions in the retail segment of Ukraine’s banking sector.”

Pravex-Bank has been operating in the Ukrainian banking sector since 1998, primarily focusing on the retail segment with its network comprising 260 operating branch offices.

“Intesa Sanpaolo managed to substantially improve the quality of Pravex-Bank over the recent years, both in terms of the bank’s asset portfolio and its governance,” added Mr Krasnyansky.

Pravex-Bank is the second bank to become part of Group DF, following the Group’s acquisition of Nadra Bank. “I am confident that the Group’s decision on expanding its banking business will lead to strengthening market positions of both banks and present many opportunities for synergies in the retail segment,” commented Dmitry Zinkov, Chairman of the Board of Nadra Bank.

Following completion of all regulatory procedures and receiving approvals from the Anti-Monopoly Committee of Ukraine and the National Bank of Ukraine, which is mandatory for the deal to be finalised, Group DF will start realising its long-term strategy of joint development of the two banks after 2014.

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