Sberbank Buys NRB-Ukraine Bank For USD 150 mln
20 June 2008
Sberbank (SBER RU), Russia’s largest bank, announced yesterday that it had acquired the subsidiary of another Russian bank located in Ukraine, NRB-Ukraine for USD 150 mln. Sberbank officials said the relevant documentation is nearly completed for the transaction and that NRB-Ukraine’s July 17 AGM is likely to approve a transfer in control of the bank. The Bank of Russia owns a 60.25% stake in Sberbank. Alexander Viktorov: The Bank’s book value of USD 24.6 mln, translates into a P/B multiple of more than 6, the highest price for a Ukrainian financial institution. This deal looks odd and may be connected to a larger business agreement between the two Russian banks, as the price Sberbank paid was too high for the 43rd largest bank in Ukraine.
