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Erste Group Bank AG to Sell its Subsidiary Erste Bank Ukraine

Thursday, 20 Dec 2012 08:35am EST 

Erste Group Bank AG (Erste Group) announced that it 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 83 million (approximately EUR 63 million). Erste Group expects the closing of this transaction during the course of 2013. As a result of this transaction, Erste Group will recognize a charge (fair value valuation) of approximately EUR 71 million after tax in the fourth quarter of the fiscal year 2012 income statement (pre-tax: approximately EUR 94 million). 

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