Sberbank Buys NRB-Ukraine Bank For USD 150 mln

Sberbank (SBER RU), Russia’s largest bank, announced yesterday that it had acquired the subsidiary of another Russian bank located in Ukraine, NRB-Ukraine for USD 150 mln. Sberbank officials said the relevant documentation is nearly completed for the transaction and that NRB-Ukraine’s July 17 AGM is likely to approve a transfer in control of the bank. The Bank of Russia owns a 60.25% stake in Sberbank. Alexander Viktorov: The Bank’s book value of USD 24.6 mln, translates into a P/B multiple of more than 6, the highest price for a Ukrainian financial institution. This deal looks odd and may be connected to a larger business agreement between the two Russian banks, as the price Sberbank paid was too high for the 43rd largest bank in Ukraine.