UniCredit may swap Ukrsotsbank for minority stakes in Russia's Alfa

ABH Holdings, the banking sub-holding of Russia’s Alfa Group, has entered into an exclusivity agreement with UniCredit Group to purchase its Ukrainian subsidiary, Ukrsotsbank (USCB UK), mass media reported on Aug. 7, citing the parties. UniCredit was reported to have signed a memorandum of understanding and entered into three months of negotiations to exchange its stake in the Ukrainian bank for a minority stake in ABH Holdings.

UniCredit Group controls a 99.4% stake in Ukrsotsbank, Ukraine’s 7th largest bank by assets. Ukrsotsbank had UAH  43.4 bln (USD  2.06 bln) in total assets and UAH 8.6 mln (USD 0.41 bln) in equity, as of end-June.

ABH Holdings, controls banks in different locations, while its key assets are Russian Alfa Bank (the country’s 7th biggest by assets) and Ukrainian Alfa Bank (the country’s 8th biggest by assets). The banking groups’ total assets were USD 43.6 bln and total equity was USD 4.3 bln, as of end-2014.