The National Bank of Ukraine approved the deal between ABH Holdings S.A. and UniCredit Group
Press release
The National Bank of Ukraine (NBU) approved the deal between banking groups ABH Holdings S.A. (ABHH, Luxembourg) and UniCredit Group (UCG, Italy). This is stated in the decision of the NBU Committee on Oversight and Regulation of Banks.
"The National Bank of Ukraine welcomes the first big deal in the field of M&A in the banking sector in recent years. The main priority for the regulator is the additionally capitalized and stable banking system, so the fact that ABH Holdings S.A. shareholders confirmed the fulfillment of all commitments assumed by both banks after diagnostics is important for us. We hope that the combination of competencies of the two international financial groups will promote the development of the banking service market in Ukraine," commented Valeria O. Gontareva, the Chairman of the National Bank of Ukraine, in her official report.
"We are quite enthusiastic about the positive decision of the NBU, which allows the shareholders of ABH Holdings and UniCredit Group, two international banking groups operating in Ukraine, to complete this strategic transaction in the near future. We believe this will contribute to a further development and consolidation of the financial sector conducted by the regulator, and restore confidence in the banking system as a whole and the economy of the country, said Rushan Khvesyuk, Managing Director of Alfa-Bank Ukraine. We will continue implementing the strategic plans of our shareholders on development of a highly competitive, technological and reliable leading bank, offering a full range of services to all categories of customers with a single and a strong team of professionals on the platform of the two banks."
We’d like to recall that in September, the Antimonopoly Committee of Ukraine authorized the concentration of ABH Holdings S.A. (ABHH) and UniCredit Group (UCG), having noted the positive effects of this deal for the whole banking sector, and, in particular, the banking service consumers.
"We are very grateful to the National Bank for efficiency in making such an important decision. The Ukrainian banking system is getting stronger, and the regulator plays an important role in it. Now, another top-level player will appear in this sector, which will become a serious competitor in the market. We have a lot of tasks and ambitious plans, and already in the near future we expect to hold a general meeting of shareholders, after which the deal closing will be officially announced," said Tamara Savoshchenko, Board Chairman of Ukrsotsbank.
In January this year, the investment holding company ABH Holdings S.A., which indirectly holds 100% shares of Alfa-Bank Ukraine, and international financial group UniCredit Group announced the signing of an agreement, in which UniCredit Group in exchange for a minority stake in ABHH in the amount of 9.9%, will transfer 99.8% shares in Ukrsotsbank PJSC to ABH Holdings S.A. as a holding company.
Information on ABH Holdings S.A.
ABH Holdings S.A. is a privately owned Luxembourg-based conglomerate focused on utilizing its financial and intellectual resources, management and investment expertise to manage value-driven investments in the global banking sector. ABHH stands as the parent entity of the group of companies (collectively the Alfa Banking Group) that is involved in banking and financial services in the Russian Federation, the Netherlands, the United Kingdom, Ukraine, Kazakhstan, Cyprus, and Belarus. ABHH’s subsidiaries collectively have the branch network consisting of 924 offices employing almost 30,000 people who serve over 14 million clients.
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