Ukrsibbank May Change Hands By The End Of The Year.

According to Ukrsibbank?s CEO Alexander Adarych, the bank may attract a foreign investor by selling a 50% to 75% stake by the year end. Currently the bank is considering a few offers from foreign banks. Concorde Capital: As of October 1, 2005 Ukrsibbank, with total assets of USD 1.7 bln, was the fifth largest Ukrainian bank. If we apply the P/BV 3.1 reached during Raiffeisen?s acquisition of Aval, to Ukrsibbank?s book value (USD 180 mln) UkrSib?s MCap would be USD 560 mln. However, in Ukrsibbank?s case, a P/BV of up to x2.5 looks more realistic, implying MCap of 450 mln. Peer comparison by P/E05e and P/BV05e implies a target MCap for Ukrsibbank of USD 350 and 400 mln respectively. French Societe Generale is currently the most probable buyer.