Societe Generale May Acquire Kreditprombank
29 January 2008
According to a local newspaper Ekonomicheskie Izvestiya, French Societe Generale is considering the acquisition of a 75%+1 stake in Ukrainian Kreditprombank for USD 660 mln (EUR 440 mln). Neither side has confirmed the rumors. Kreditprombank is the thirteenth largest bank in Ukraine in terms of net assets as of December 1, 2007. Alexander Viktorov: The valuation for Ukrainian banks is remaining high – based on the volume in the article, the French bank will to pay four times the bank’s 2007E book value of USD 220 mln.
