"Yesterday, on August 20, Raiffeisen International completed talks on the purchase of the joint-stock post and pension bank Aval, the statement reads. Under the agreement reached, the cost of transaction will not be made public.
The transaction is to be approved by the National Bank of Ukraine (NBU) and other relevant bodies of Ukraine and Austria. According to Herbert Stepic, the board chairman of Raiffeisen International, the very purchase is important step in further strengthening of leading positions of Raiffeisen International both in Ukraine and Central and Eastern Europe.
"Ukraine is one of the most important markets for us. Due to this purchase, Raiffeisen gains number 1 position in the country," Stepic said.
According to him, Aval has healthy economic base and large network of affiliates all over Ukraine, which goes in line with development plans of Raiffeisenbank operating in Ukraine.
As Ukrainian News reported earlier, Raiffeisenbank (Ukraine) said in March this year that it planned to create a network of 450 structural subdivisions throughout Ukraine before the year 2008 and that it was not ruling out the possibility of acquiring a Ukrainian bank for this purpose.
Early this year, the owners of the Aval bank started talks with Austria's Raiffeisen financial group on a possible sale of the bank.
Net assets of Raiffeisenbank (Ukraine) were valued at UAH 4,455.3 million as of April 1, 2005, when its credit and investment portfolio amounted to UAH 3,779.1 million and its capital totaled UAH 360.2 million.
Raiffeisenbank (Ukraine) reported profits of UAH 22.942 million for the year 2004. The shareholders of Raiffeisenbank (Ukraine) are the Raiffeisen International Bank Holding AG with 99.997% and Raiffeisen Zentralbank Osterreich with 0.003%.
Net assets of the Aval bank were valued at UAH 15,018.9 million as of July 1, 2005, when its loan portfolio amounted to UAH 10,630.5 million, and capital UAH 1,318.0 million. The bank ended 2004 with a profit of UAH 18.248 million. The Aval bank's management controls over 50% of the shares in the bank.
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