Erste Group Withdraws from Ukraine

Professional Services › Banks ♦ Published: December 20, 2012; 15:14 ♦ (Vindobona)

Austrian Erste Group enters into an agreement to sell Erste Bank Ukraine.

Erste Group Withdraws from Ukraine / Picture: © Erste Group / Christian Wind

Erste Group has today 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 83m (about € 63m*). This decision is consistent with Erste Group’s focus on customer business in the Eastern part of the European Union. Erste…

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