The Italian Intesa Sanpaolo has acquired 100% of the share capital in Pravex Bank for EUR 493 million, a press release of the Intesa Sanpaolo announced.
"Today, having obtained the necessary authorizations, Intesa Sanpaolo and the controlling shareholders of Pravex Bank finalized Intesa Sanpaolo's acquisition of 100% of the share capital of Pravex, in conformity with the agreement concluded on February 4, 2008...", the press-release stated.
The bank contains 580 regional branches throughout Ukraine including 25 headquarters and 555 departments, as well as 290 cash machines.
Previously, Pravex Bank open joint-stock company's largest stockholders were: Pravex Brok Ltd with 10.68%; Pravex Insurance open joint-stock company, 2.32%; Krystyna Chernovetska, 7%; Stepan Chernovetskyi, 61.43%; and Kyiv Mayor Leonid Chernovetskyi, 7% directly and 85.14% indirectly. As Ukrainian News reported, Pravex Bank owners agreed with the Italian Intesa Sanpaolo in early February to sell 100% of the bank's shares for USD 750 million.
By April 1, 2008, bank's net assets were estimated at UAH 5,618.4 million, credit portfolio was UAH 4,308.7 million and capital was UAH 706.1 million.
The bank ended January-March 2008 with a net profit of UAH 3.024 million and 2007 with a profit of UAH 24.401 million.
