The value of the transaction is $34 million, but it could rise to $36 million depending on the taxation of the bank’s profits.
TAS Group has signed an agreement to acquire 100% of the shares of Idea Bank JSC in Ukraine from Polish Getin Holding for $34 million. The group’s press service reported this on Friday, October 18.
“The board of Getin Holding and the TAS Group signed a purchase and sale agreement for Idea Bank of Ukraine The buyer of 100% of the shares is Alkemi Limited (Cyprus), part of the TAS Group for $34 million,” said statement.
It was noted that the completion of the agreement depends on obtaining permission from the Antimonopoly Committee and approval of the purchase of shares by the National Bank of Ukraine.
According to the rules, the value of Idea Bank’s shares can increase to $36 million if the bank’s income taxation remains at 25%. There is also an additional fee of $800 thousand for each month if the transaction closes after December 31, 2024.
Idea Bank Ukraine operates in the retail business segment and focuses on serving individuals. As of June 30, 2024, the bank’s total balance was nearly $162 million.
TAS Group is one of the largest financial and industrial groups in Ukraine, represented in various sectors of the economy. Its shareholder is Sergey Tigipko.
Let’s recall that the net profit after taxation of solvent banks of Ukraine for January-August 2024 amounted to 106.8 billion Hryvnia. This is an increase of 11.6% compared to the same period last year.
Source: korrespondent
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