Swedbank to acquire Ukrainian Business Standard Bank
4 June 2008
According to Economicheskie Izvestia, Swedbank is in talks to acquire a 100% stake in small Ukrainian Business Standard Bank, which is part of TAS Group. Closure of the deal is expected in July. Andriy Kiyak, CEO of Business Standard Bank confirmed that it is in the process of seeking a strategic investor. If acquired, Business Standard Bank will be the third bank bought by Swedbank in Ukraine after TAS-Kommerzbank and TAS-Investbank, both of which also belonged to TAS Group. Business Standard Bank ranks 95 among Ukraine’s 176 banks with total assets of UAH 680 mln (USD 140.2 mln), according to the National Bank.
