OREANDA-NEWS. On 17 March 2008 was announced, that Ukrsotsbank net assets exceeded UAH 32 billion. According to Ukrsotsbank Chairman of the board, Borys Tymonkin, in the banking system of Ukraine UniCredit Group is represented by Ukrsotsbank and UniCredit Bank. The proportion of these structures on net assets makes 6.2%, and by 2011, will grow to 8%.

JSCB Ukrsotsbank was established in September 1990. At present, it is among the largest banks in Ukraine. The branch network of the Bank comprises 508 offices – 481 off-balance offices and 27 regional branches. The number of employees exceeds 10 000.
Financial summary, as of 1 February, 2008:
net assets amounted to UAH 31.711 billion
loan portfolio – UAH 24.612 billion
the funds of legal entities deposited on thrift and current accounts make UAH 7.659 billion.
the funds of individuals reached UAH 7.441 billion.
the Bank capital amounted to UAH 3.216 billion.
net profit for January 2008 -UAH 22 million

Following the results of 2007 Ukrsotsbank share on the net assets market made 5.2%, which corresponds to the fourth position in the TOP-10 rating of Ukrainian banks (the sixth position as of January 1, 2007). The Bank is active in granting loans both legal entities and individuals. The Bank’s share on the legal entities crediting market made 4% following the results of 2007. The Bank share on legal entities means market made 6.2%, corresponding to the third place among Ukrainian banks, individuals — 4.6% (the fifth position in the Ukrainian banks rating). In January-December 2007 the Bank’s preserved the fourth position in the rating of banks leaders of granting loans to individuals, its share on the market made 8.6%.

On 23rd of January 2008, UniCredit Group finalized the acquisition of 94,2% total shareholders capital of Ukrsotsbank from the group of investors that were represented by international consulting company EastOne (shareholders’ saler) through Bank Austria Creditanstalt AG (BA-CA), which is responsible for commercial banking activity in CEE.

The purchase price at closing is ?1,525 million (or ca. USD2,211 million at current exchange rates), which includes the pro-rata capital increase subscribed by the Selling Shareholders in June 2007. In addition, the final consideration will include a post-closing adjustment to be based on USB’s net asset value at closing.