Vneshtorgbank Considers Acquisition Of Ukrainian Bank

Vneshtorgbank (Ukraine), a subsidiary of the second-largest Russian bank, is going to select a Ukrainian bank for further acquisition by the end of the year. The target bank will be most probably from second- or third-ten of largest Ukrainian banks in terms of assets. Concorde Capital: Before entering Ukrainian market in March 2005, Vneshtorgbank considered an acquisition of local bank. Ukrsotsbank, the fourth-largest Ukrainian bank, was among the main targets for acquisition. However after the failure to reach agreement with Ukrainian bank management as to the price, the decision in favor of opening its own subsidiary structure was made. During 3-5 year Vneshtorgbank (Ukraine) plans to enter a top-ten of Ukrainian banks. In mid-term perspective Vneshtorgbank plans active developing of retail banking, so the bank with developed branch-network will be most likely in focus for planned acquisition.