Ukrsibbank Enters Russian Banking Market

One of Ukraine’s top-10 banks, Ukrsibbank, acquired a 50% stake in small-sized Russian bank, National Financial Traditions (Moscow). The Ukrainian bank plans to buy another 50% stake by the end of 2Q05. Ukrsibbank posted a net income of USD 7.4 mn in 2004. The Ukrainian Metallurgical Company owns 50.1% of Ukrsibbank’s shares. Concorde Capital: Ukrsibbank is not the first Ukrainian bank to enter the Russian market of banking services. In 2004, Privatbank and Aval made the similar Russian banking acquisitions. However, Ukrsibbank’s plans for its new subsidiary are more ambitious, and include the creation a branch-network of up to 100 units by 2009.