TAS acquires Eurobank's Ukrainian subsidiary Universal Bank
- Written by E.Tsiliopoulos
TAS Group and Eurobank announced on Tuesday that the acquisition of Eurobank’s Ukrainian subsidiary, Universal Bank (“Universal”) by TAS Group, was concluded on 23 December 2016, after all required regulatory approvals have been obtained.
According to an announcement, this transaction is in line with the long term development strategy of financial sector of TAS GROUP and will have a positive impact on strengthening its position in the Ukrainian financial market.
The transaction is in line with the strategic plan of Eurobank and its focus on specific markets whereas Eurobank has already significant presence. It is also consistent with the Group’s restructuring plan as agreed with the European Commission and implemented accordingly.
The transaction is capital neutral on a Group level. Stavros Ioannou, Deputy CEO of Eurobank Group commented: “We believe that this transaction is in the best interest of the Ukrainian clients of Eurobank Group and the employees of Universal whose interests will be duly cared by a strong Ukrainian bank, the shareholder of which has a significant track record in the local financial market and will allow Eurobank Group to concentrate on its key markets, as required by its restructuring plan, which is approved by the European Commission”.
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