TAS Group acquires Universal Bank from Eurobank Group
The parties are confident that the transaction will contribute to the consolidation and further stable growth of banking sector of Ukraine, reads the statement released by the press service of TAS Group, owned by Serhiy Tihipko.
"TAS Group and Eurobank Ergasias S.A. ("Eurobank") hereby announce that the acquisition of Eurobank’s Ukrainian subsidiary, Universal Bank (“Universal”) by TAS Group, was concluded on 22 December 2016, after all required regulatory approvals have been obtained," reads the statement.
Read alsoDeposit Guarantee Fund admits poor results in recovering failed banks' assets - Kyiv PostThe transaction is in line with the strategic plan of Eurobank and its focus on specific markets whereas Eurobank has already significant presence. It is also consistent with the Group’s restructuring plan as agreed with the European Comission and implemented accordingly. The transaction is capital neutral on a Group level, according to the press service.
UNIAN memo. Tihipko held senior positions during the presidency of Viktor Yanukovych, including the post of Deputy Prime Minister and Minister of Social Policy in the government of Mykola Azarov, as well as the NBU Governor in 2003-2004.
TAScombank (formerly Business Standard Bank, Kyiv) has been operating on the Ukrainian market since 1989, ranking 25th among 100 operating banks in terms of assets as of Oct 1.