Rodovid Bank: Not for Sale Right Now

CEO Denis Gorbunenko of Rodovid Bank (RODB: BUY) announced that the bank is not currently conducting negotiations that might lead to its purchase. Earlier this month, RB Capital Group (Kyiv) concentrated a 76.54% stake in Rodovid. Gorbunenko said Rodovid is completing the placement of an equity stake (announced volume was a 10% stake in April) with investors for a price of about USD 1,450 (UAH 7,300) per share. Alexander Viktorov: Rodovid’s CEO attempted to put to rest rampant rumors that the bank was close to an agreement on its sale to a strategic investor. We are inclined to believe that the bank is currently not close to a deal, but we still believe that the bank is an acquisition target and think the process will begin actively toward the end of the year.