Eurobank Ergasias S.A. sells Universal Bank to TAS Group
Baker McKenzie’s Kyiv office advised Eurobank Ergasias S.A., one of the largest banks in Greece, on the sale of its Ukrainian subsidiary, Universal Bank, to one of the fastest-growing financial and industrial groups in Ukraine, TAS Group, owned by Ukrainian businessman Mr. Sergiy Tigipko. The transaction follows Eurobank's strategic plan to focus on core markets where they have an existing significant presence.
Baker McKenzie’s Kyiv team working on this transaction was led by Kyiv Partner Ihor Olekhov, with key input from Senior Associate Andrii Moskalyk and Associates Bogdan Dyakovych, Stepanyda Badovska, Alyona Furda and Olena Serpukhovitina.
Commenting on the transaction, Ihor Olekhov said: "We are delighted to have advised Eurobank on this milestone M&A deal for the Ukrainian banking sector. The challenging conditions in the banking market in Ukraine have made this transaction quite sophisticated. We hope this is one of the first signs of recovery in the banking and financial services markets in Ukraine, which for several years have experienced significant downfalls."
The Eurobank group is a dynamic banking group active in eight countries, with total assets of €68.2 billion and 15,935 employees. With a total network of 900 branches in Greece and abroad, the group offers a comprehensive range of financial products and services to its retail and corporate customers.
TAS GROUP was founded in 1998 and is one of the biggest and most dynamic financial and industrial groups in Ukraine. The group has business interests in the financial and industrial sectors, real estate, agriculture and venture projects. In the financial sector, TAS Group is represented by active banking player TASCOMBANK, consumer finance company KreditMarket life and non-life insurance companies operating under the TAS trademark and processing center TAS Link.