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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 03:04

Ukraine's Sberbank to be renamed Norvik Bank

BC, Riga, 29.03.2017.Print version
Russian businessman Grigory Guselnikov said in the interview with Echo Moskvy radio station that after the acquisition of the Ukrainian subsidiary of Russia's Sberbank it will be renamed as Norvik Bank, according to UNN news portal writes LETA/BNS.

The bank will be renamed, in all probability as Norvik Bank, because it is going to be part of Europe's Norvik Bank, he said, suggesting that rebranding would be in the interests of both the buyer and the seller.


The Kommersant newspaper reported that the price for Ukraine's Sberbank had been set at USD 130 mln (EUR 119.7 mln).


Under the deal to be completed before the end of the first half of this year, Guselnikov will acquire 45% in Ukraine's Sberbank and British citizen Said Gutseriev will get 55%.


As reported, Latvia's Norvik Banka and its major shareholder Grigory Guselnikov on March 27 signed an agreement on joining a consortium of investors that will acquire Ukrainian Sberbank from its parent company, Russian Sberbank.


Ukraine's Sberbank is the sixth largest bank in the country and its assets reach USD 2.2 bln (EUR 2.03 bln). It has more than 150 branches and almost 1 mln customers.


Norvik Banka is the seventh largest bank in Latvia by assets with more than 150,000 customers. Norvik Banka closed last year with EUR 11.756 mln in preliminary profit, recovering from a loss in 2015. The bank's assets contracted by 11.8% or EUR 118.259 mln y-o-y, from EUR 1.006 bln at the end of 2015 to EUR 887.401 mln on December 31, 2016.







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