Russian CIT Finance Buys Radabank

According to Russian Creative Investment Technologies Finance, it has purchased Dnipropetrovsk-based Radabank, Ukraine’s #171 largest bank by assets (out of 173). At Radabank’s AGM on December 10, CIT representatives took up positions on the bank’s board of directors. Alexander Viktorov: The deal was inked in Febuary and is now in its final stages. According to some local media, the CIT Finance paid no more than USD 10 mln, implying a P/B at 1.5x based on the bank’s book value in 9M07 of USD 7.3 mln. CIT Finance will put the bank on a course into the consumer financing niche.