News 12 January 2016
ABH Holdings S.A. signed binding agreement to acquire Ukrsotsbank from UniCredit Group
ABH Holdings S.A. (ABHH) and UniCredit Group (UCG) announced today that they have signed an agreement for the transfer of 99.8% of PJSC Ukrsotsbank (USB), UCG's bank in Ukraine, in exchange for a 9.9% minority stake in ABHH.
After Closing, UCG, the global Italian banking group, will become a minority shareholder in ABHH, a Luxembourg-based investment holding company of the Alfa Banking Group.
ABHH's Chairman Petr Aven commented that:
"This transaction is both tactical and strategic. It makes ABHH, a Luxembourg-based investment holding company, an unrivalled player in the Ukrainian market and makes UCG, the global Italian banking group, a shareholder in ABHH.
We welcome UniCredit as a partner and look forward to utilizing their vast European experience – across 17 countries and technological know-how – to support ABHH's international growth.
This transaction enables ABHH to create a leading retail and wholesale banking player in Ukraine with an unparalleled platform for growth and development".
The transaction structure envisages UCG to contribute its exposure in USB to ABHH in exchange for newly issued shares representing 9.9% stake of ABHH post transaction. UCG will appoint one Board member of ABHH and will have customary protection rights, including the possibility to cause an IPO of ABHH or to sell its stake to ABHH on the 5th anniversary after the Closing.
As the next step, the parties will be seeking the necessary regulatory approvals. The closing of the transaction is expected to happen in 2016.
Information on ABH Holdings S.A.
ABH Holdings S.A. is a Luxembourg-based investment holding company of the Alfa Banking Group investing into several banking activities in Russia, Ukraine, Belarus, Kazakhstan and the Netherlands. ABHH’s subsidiaries offer a wide range of products and operate in all sectors of the financial market, including interbank, corporate and retail lending, deposits, payment and account services.
ABHH’s subsidiaries have almost 30,500 full-time employees, serve over 14 million customers, while the branch network counts 924 offices. As of December 2015, the total consolidated assets of ABHH amounted over US $36.9 bln, while the consolidated shareholders’ equity was approx. $4.5 bln (IFRS).