Eurobank Completes Purchase Of Universalna Bank

Greece’s Eurobank announced yesterday that it had completed the purchase of a 99.34% stake in Ukraine’s Universalna Bank. The terms of the deal were not disclosed. As of January 1 Universalna Bank was Ukriane’s 70th largest bank in terms of assets. 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.