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Bakhmatyuk signs option agreement to buy majority of VAB Bank

Bakhmatyuk signs option agreement to buy majority of VAB Bank

13 October 2011

Ukrainian businessman Oleg Bakhmatyuk signed an option agreement to buy a majority stake in VAB Bank, Ukraine’s #26 largest bank by assets according to the National Bank of Ukraine as of July 2011, Interfax reported yesterday. Bakhmatyuk said he is not planning to merge VAB with existing banking assets: Finansovaya Initsiativa Bank, Ukraine’s #28 largest bank, and Zlatobank, #65 largest. Bakhmatyuk controls Ukrlandfarming, which includes Avangard (LSE: AVGR LI, N/R); Ukrlandfarming acquired agricultural companies Rise and Dakor Agro Holding in January 2011.

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