Mambo Italiano! - Ukrsotsbank Bought By Banca Intesa.
15 February 2008
Banca Intesa, Italy’s second-largest bank, agreed to pay USD 1.16 bln for 88% stake in Ukrsotsbank. Ukrsotsbank with total assets of USD 2.13 bln ranks fourth among Ukrainian banks. Concorde Capital: If we use Ukrsotsbank’s reported book value on December 31, 2005, USD 263.4 mln (including this year upcoming additional share emission of USD 60 mln), this would translate into a P/B multiple of 5.0. The deal sets a record-high price paid for Ukrainian bank: in August, 2005 Raiffeisen shelled out USD 1.028 mln for 93.5% stake in the second-largest Ukrainian bank, Aval (x 3.1 P/B) and French BNP Paribas paid in January, 2006 ~USD 350 mln for 51% in Ukraine’s fifth largest bank, Ukrsibbank (x 3.7 P/B). It is Ukrsotsbank will be the last top-10 Ukrainian bank to be put up for sale in the next 1-2 years.
