TAS GROUP ACQUIRES UNIVERSAL BANK FROM EUROBANK GROUP
TAS Group and Eurobank Ergasias S.A. (“Eurobank”) hereby announce that the acquisition of Eurobank’s Ukrainian subsidiary, Universal Bank (“Universal”) by TAS Group, was concluded on 22 December 2016, after all required regulatory approvals have been obtained.
This transaction is in line with the long term development strategy of financial sector of TAS GROUP and will have a positive impact on strengthening its position in the Ukrainian financial market.
The transaction is in line with the strategic plan of Eurobank and its focus on specific markets whereas Eurobank has already significant presence. It is also consistent with the Group’s restructuring plan as agreed with the European Comission and implemented accordingly. The transaction is capital neutral on a Group level.
Stavros Ioannou, Deputy CEO of Eurobank Group commented: “We believe that this transaction is in the best interest of the Ukrainian clients of Eurobank Group and the employees of Universal whose interests will be duly cared by a strong Ukrainian bank, the shareholder of which has a significant track record in the local financial market and will allow Eurobank Group to concentrate on its key markets, as required by its restructuring plan, as approved by the European Commission”.
The Parties are confident that the transaction will contribute to the consolidation and further stable growth of banking sector of Ukraine.
“We are delighted to have received all necessary approvals to finalize the agreement reached with Eurobank Group. TAS Group, which also includes TASCOMBANK, is dynamically growing and targeting on strengthening its market position. The investment in PJSC “UNIVERSAL BANK” is, first of all, an investment in further development of TAS Group financial division and new innovative technologies in banking services. The high professional caliber of PJSC “UNIVERSAL BANK” employees and its client base will allow us to deliver even better financial services and expand our network coverage, making it easier for Ukrainians to get financial products and services” – stated Sergey Tigipko, owner of TAS Group and CEO of TASCOMBANK.
TAS GROUP was founded in 1998 and is one of the biggest and dynamic financial and industrial group in Ukraine. Group spread its business interests on financial and industrial sectors, real estate, agriculture, venture projects. In the financial TAS Group is represented by active banking player TASCOMBANK, consumer finance company KreditMarket, by life and non-life insurance companies, which operate under TAS trademark, processing center TAS Link.
TASCOMBANK was founded in 1989 and was one of the first commercial banks of Ukraine. The bank is actively developing as a part of one of the biggest investment financial groups of the country – TAS Group. As of the new classification of banks by the National Bank of Ukraine for 2016, the bank ranks the 3rd in the II group as per assets size. In October 2016 independent rating agency “Credit Rating” announced upgrading of TASCOMBANK long-term credit rating to level èàÀ+. The agency also upgraded and confirmed long-term credit rating of its unsecured interest bonds of D and E series for the total amount of UAH 200 mln at level èàÀ+. The outlook of both ratings is positive. As of 1.10.2016, the loan portfolio of the Bank amounted to UAH4,4 bln, volume of customers’ deposits (including debt securities) – UAH 5 bln.
Universal bank was founded in 1994, provides a full range banking services in Ukraine and member of Eurobank Group, since 2006. Eurobank Group has presence in 8 European countries: Greece, Bulgaria, Romania, Serbia, Cyprus, Luxembourg, United Kingdom and Ukraine. It employs ca. 17,000 employees. As of September 30, 2016, Group’s assets amount to €68.2 bn.