Intesa Sanpaolo, an Italian bank, has been notified by the owners of Ukrsotsbank, one of the largest banks in Ukraine that the agreement on sale of Ukrsotsbank to the Italian bank expired on March 31, 2007, “Cabinet press office” reported..
"...The sellers of the controlling shareholding in Ukrsotsbank have made known that they have exercised the right to terminate the relevant share purchase agreement signed with Banca Intesa on February 14, 2006- as subsequently amended on September 4, 2006 - since the completion of the transaction did not take place within the scheduled deadline of March 31, 2007," Intesa Sanpaolo said in a press release.
The Interpipe Corporation, which controls Ukrsotsbank, announced on April 2 that it was ready to continue talks on sale of 85.42% of the shares in the bank and that it considered Intesa Sanpaolo as its priority partner.
Ukrsotsbank's owners reached agreement with Banca Intesa in February 2006 on sale of 85.42% of the shares in Ukrsotsbank to Banca Intesa.
The net assets of Ukrsotsbank were valued at UAH 19.834 billion as of March 1, 2007, when its loan portfolio amounted to UAH 13.334 billion and its equity amounted to UAH 1.961 billion.
Ukrsotsbank reported a net profit of UAH 287.336 million for 2006.
Ferrotrade International owned 86.15% of the shares in Ukrsotsbank as of January 1, 2007.
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