Ukrsotsbank (USCB) To Be Sold By Summer's End

According to Ukrsotsbank chairman Boris Timonkin, negotiations for the bank’s acquisition by a strategic investor will completed by the end of the summer. Ukrsotsbank is one of Ukraine’s top-10 banks, ranked fourth in terms of assets (net assets as of June 1 were USD1.76 bln). The bank is controlled by Interpipe Group. Concorde Capital: Before entering the Ukrainian market in 2005, Vneshtorgbank, the second-largest Russian bank, considered buying Ukrsotsbank. However, the two sides failed to agree upon a price. (At the time Ukrsotsbank was valued at ~USD300-350 mln). Currently, Alfa-Bank (Russia) is considered the most likely buyer, but the participation of western banks in the bidding process should not be ruled out.