Greece's Eurobank To Buy Universalny Bank.

Eurobank Ergasias, Greece’s second-largest bank, agreed to buy a 99.3% stake in Universalny Bank, which ranks 77th in Ukraine by assets. Universalny had $76.2m in assets at the end of March and 32 branches. Eurobank said it planned to complete the deal in the fourth quarter. The price was not disclosed. Alexander Viktorov: Given the bank’s small size and small branch network concentrated mainly in western regions, Eurobank will have to invest heavily to catch up with retail banking market leaders or consider another acquisition. We estimate the price at around $30-40m, which implies x 2.1-2.8 P/B, based on the bank’s book value of $14.3 mln as of April 1.