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An Austro-Hungarian Banking Empire In Ukraine?

An Austro-Hungarian Banking Empire In Ukraine?

26 April 2008

According to Sergey Buryak, the head of the Rada committee on financial and banking activity, Hungary’s OTP Bank signed an agreement to buy a 100% stake in Raiffeisen-Ukraine (Raiffeisen’s subsidiary in Ukraine) for USD 500 mln. Concorde Capital: If we use the bank’s reported book value for 2005, USD 124 mln, this would translate into P/B of 4.0. However, considering the higher book value from the results of 1Q06, this could imply ~x 3.5 P/B. In our view the deal price corresponds to the bank’s fair value. We also believe Raiffaisenabank’ (RBU) sale will positively effect Bank Aval’s performance: 1) the sale eliminates the costly merger procedure; 2) Raiffeisen will concentrate all efforts on Aval’s transformation into a large Western-style bank; 3) USD 500 mln is expected to be directed towards the improvement of Aval Bank’s banking operations.

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