Bank of Italy indicate that the transfer of ownership will lead to extra costs of about 200 mln. Euros net result will be reflected in its financial statements for the fourth quarter of 2015. Apart from this, after finalization of the transaction the financial institution will bear additional losses of about 652 mln. euros, related to the devaluation of the Ukrainian currency. The transaction is expected to be closed in 2016 after receipt of appropriate regulatory approvals.
Sales of Ukrainian division was seen as an opportunity ago, but the process was delayed because of the crisis in the country. In August 2015 quarterly Unicredit began exclusive negotiations with ABHH, notes Reuters. Italian group acquired Ukrsotsbank in 2007 in a deal that evaluate the financial institution of more than 2 billion. Dollars. Getting out of the country comes three years after another sell Unicredit losing division in Eastern Europe - Kazakhstan's ATF Bank, which bought just before the global financial crisis to 2.1 billion. Dollars, writes Bloomberg.
In a separate statement circulated President of ABHH Piotr Aven said the deal will allow the investment firm to create a leading player in retail banking and corporate banking in Ukraine. In 2014 the Russian Alfa Group acquired a Ukrainian division of Cyprus Bank of Cyprus against 202.5 mln. Euros, the agency recalled. The interests of the Russian group cover a wide range of activities - fuels, banking, asset management, insurance, retail, telecommunications and others, as its subsidiary Alfa Bank is the largest Russian private bank. Alfa Group is one of the largest private investment groups in Russia, created by oligarchs Mikhail Fridman, German Khan and Alexei Kuzmichov others.