The National Bank of Ukraine has granted its approval to Mr Mikhail Fridman, Mr German Khan, Mr Petr Aven and Mr Oleksii Kuzmichev for the acquisition of a qualifying holding in Ukrsotsbank PJSC through ABH HOLDINGS S.A (Luxembourg). On 7 October 2016, the NBU Committee on Banking Supervision and Regulation, Payment System Oversight has issued a decision to this effect. This decision was approved by the NBU Board on 11 October 2016.
Currently, the shareholders of ABH HOLDINGS S.A indirectly hold shares of ALFA-BANK PJSC through ABH Ukraine Limited. Prior to securing approval for the acquisition of a qualifying holding in Ukrsotsbank PJSC, the beneficial owners confirmed their intention to fulfill obligations the banks have undertaken under recapitalization programs approved by the NBU following the diagnostic studies of the banking sector.
“The NBU welcomes the first big M&A deal in the banking sector in recent years. A sufficiently capitalized and resilient banking system is the top priority for the regulator. Therefore, it is important for us that the shareholders of ABH HOLDINGS S.A have reaffirmed their commitment to fulfilling obligations that both banks have undertaken following the diagnostic studies. Hopefully, bringing together the expertise of two international financial groups will contribute to the development of the banking services market in Ukraine,” said NBU Governor Ms Valeria Gontareva, commenting on the deal.
When considering documents submitted by applicants seeking to acquire a qualifying holding, the NBU asseses business reputation and financial standing of applicants, as well as their ability to ensure capital adequacy of the bank. In the case of this deal, the NBU assessed the applicants ability to ensure the proper development and compliance with prudential ratios by both banks – ALFA-BANK PJSC and Ukrsotsbank PJSC.
On 8 September 2016, the Antimonopoly Committee of Ukraine granted an authorization to ABH HOLDINGS S.A for the acquisition of shares in Ukrsotsbank PJSC exceeding 50% of the voting rights in the highest management body of the bank.
Presently, UniCredit S.p.A. (Italy), which holds 99.9% stake in Ukrsotsbank PJSC, is the ultimate beneficial owner.