Delta Bank 49% stake bought by Icon Private Equity
25 June 2008
A 49% stake in Delta Bank has been sold to Icon Private Equity, the bank said yesterday. Interfax reported the volume of the deal at USD 350 mln (given 1Q08 equity of USD 112 mln, the deal implies a P/B ratio of 6.3x; post-money P/B is 1.5x). In its press release, Delta Bank owner Mykola Lagun said “I refused to sell 100% to Icon Private Equity and decided to jointly develop the bank.” Delta Bank is the #35 largest Ukrainian bank by total assets, with USD 969.3 mln as of April 1, according to the National Bank of Ukraine. Delta Bank specializes in consumer lending. Icon Private Equity is one of the biggest private equity funds in the CIS and manages assets of over USD 1 bln.
