Bank Intesa To Receive Green Light On USCB Purchase No Sooner Than 45 Days

The press service for the Antimonopoly Committee said yesterday that due to its merger with Sanpaolo IMI,  Bank Intesa will have to apply again to the committee to get the green light on its purchase of Ukrsotsbank (USCB: BUY) and that the procedure will take no less than 45 days.  The current USD 1.3 bln deal between Banca Intesa and Ukrosotsbank’s shareholders for an 88.55% stake is set to expire at the end of the month. Earlier this month, Interpipe Group released a statement which confirmed that Bank Intesa was still the group’s strategic partner in the sale of Ukrsotsbank (USCB: BUY). The press release also stated that if the Italian bank did not receive clearance from the National Bank of Ukraine before the deal’s March 31 deadline Interpipe “would be prepared to discuss the elongation of the negotiating process.” Nick Piazza:  USCB’s shareholders have made it clear that if Banca Intesa wants to purchase the bank, they are going to have to pay a higher price. According to our sources, USCB shareholders already have several suitors.