TBIH Financial Services Group To Acquire 50% Of VABank.
28 October 2008
The Netherlands’ TBIH Financial Services Group signed an agreement for the purchase of up to 50% of Ukraine?s VABank. As of October 1, 2005, VABank with total assets of USD 350 mln and a loan portfolio of USD 200 mln ranked #23 in Ukraine. TBIH will initially purchase a 9.55% stake in VaBank in newly issued shares for a consideration of USD 8.75 mln and will grant a USD 16.25 mln loan. After receiving the necessary regulatory approvals TBIH will increase its stake to 27.3% by converting the loan into equity. In the future, TBIH plans to split 98% of the shares in VABank jointly with the current shareholders of the bank (each side will own equal shares). TBIH Financial Group provides insurance, leasing, consumer finance mortgages, and asset management services in Central and Eastern Europe.
