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12 March 2013

Erste Group withdraws from Ukraine

Erste Group has entered into an agreement with the owners of FIDOBANK, a group of companies ultimately controlled by Oleksandr Adarich, about the sale of its Ukrainian subsidiary, Erste Bank Ukraine, for a cash consideration of USD 83m (about € 63m*). This decision is consistent with Erste Group’s focus on customer business in the Eastern part of the European Union. Erste Group expects the closing of this transaction during the course of 2013.

As a result of this transaction, Erste Group will recognise a charge (fair value valuation) of about € 71m after tax in the Q4 12 income statement (pre-tax: about € 94m). Upon closing of the transaction the negative currency translation effect (EUR/UAH) related to capital and goodwill in the amount of € 80.4m as at 30 September 2012, which is already recognised in equity will be recycled through the income statement. Thus, this technical booking will not affect the capital position of Erste Group. Erste Bank Ukraine employs 1,536 staff and had a balance sheet total of € 758m as at 30 September 2012.

http://www.friedlnews.com/



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