Serhii Tihipko buys Idea Bank for $34 million
01.11.2024According to the press release of the TAS group, the direct buyer of Idea Bank is the company Alkemi Limited (Cyprus), which is part of the TAS group, writes inventure.com.ua.
Serhii Tihipko
The agreement is subject to the approval of the Antimonopoly Committee and the National Bank. The Agreement is governed by English law and the requirements of the Warsaw Stock Exchange.
The deal could be the first case of M&A in the banking market since the start of the full-scale invasion.
The base value of the deal is $34 million, but it could rise to $36 million if the banking industry's tax rate returns from 50% to 25%. In addition, if the closing date of the deal is later than December 31, 2024, Alkemi Limited will pay Getin Holding an additional $800 for each full calendar month starting in January 2025.
The demand to sell Idea Bank was put forward by the National Bank of Poland to Getin Holding in connection with the criminal investigation involving the company's owner, Leszek Czarnetskyi.
Idea Bank is one of the oldest on the Ukrainian market. The bank was registered in August 1989 as a forest and woodworking industry development bank of Prykarpatlisbank. In June 2007, the bank was bought by the Polish financial group Getin Holding SA
According to the NBU, as of the beginning of March 2024, Idea Bank ranked 26th in terms of assets (11,01 billion UAH) among 63 banks operating in the country. Its net profit for 2023 amounted to UAH 509,9 million.
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