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Alfa Group's owners to buy Ukrsotsbank

Alfa Group's owners to buy UkrsotsbankThe National Bank of Ukraine (NBU) has allowed the owners of ABH Holding SA (Luxembourg), namely Mikhail Fridman, German Khan, Petr Aven and Alexey Kuzmichev, to acquire a significant indirect share in Ukrsotsbank (Kyiv), according to the regulator's website.

The relevant decision of the NBU committee on oversight and regulation of banks and payment systems dated October 7 was approved by the board of the National Bank on October 11, 2016.

According to the report, ABH Holdings shareholders, who indirectly own shares of Alfa-Bank (Kyiv) through ABH Ukraine Limited, before agreeing participation in Ukrsotsbank confirmed their intention to implement both banks' liabilities approved within the programs of restructuring the diagnostics of the banking system.

"The National Bank welcomes the first great deal in recent years in the field of M&A in the banking sector... We hope that the combination of competencies of the two international financial groups will promote the development of the banking market in Ukraine," NBU Head Valeriya Gontareva said.
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