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Piraeus Bank S.A. (Athens) Has Purchased 79.8% of Shares of International Commercial Bank Open Joint Stock Bank
05 May 2011

The shareholders of International Commercial Bank Open Joint Stock Company (ICB) confirmed closing the deal related to the sales of a 79.8% stake to one of the biggest Greek banks - Piraeus Bank S.A. (Athens), the net share capital of which totalled to 2.3 bln. USD and the assets amounted to 46 bln. USD. Currently, the regional network of Piraeus Bank S.A. includes 545 branches worldwide and 9 803 of employees. In the Central and Eastern European market the Bank has got branches in Romania, Albania, Bulgaria and Serbia.

Dragon Capital, being one of the biggest investment companies in the country, has advised Piraeus Bank S.A. on the issues of searching and acquiring a bank in Ukraine.

International Commercial Bank has been successfully operating in the Ukrainian financial market for about 18 years. Currenly, its regional network includes 15 branches and 118 retail outlets throughout Ukraine and in the Autonomous Republic of Crimea.

As of May 01, 2007, the net assets of ICB amounted to 740.29 mln UAH. According to the rating of the Association of Ukrainian Banks (AUB), the Bank is ranked 66 among 149 Ukrainian banks according to its net assets. As of May 01, 2007, the credit portfolio of ICB amounted to 638.71 mln. UAH, the equity – 52.6 mln. UAH, the regulatory capital – 70.8 mln. UAH, and the financial result –2.3 mln. UAH.

The deal was positively assessed by Svitlana Dyadchenko, the Chairman of the Management Board of International Commercial Bank, "It was a well-considered decision for both parties and this relationship is mutually beneficial. We will be able to offer the Clients a new level of services which comply with the European standards and are more beneficial for our clients. Furthermore, the capital increase will materially improve our position in the rating of Ukrainian banks. For Piraeus Bank S.A. this is an opportunity of prompt entering the Ukrainian market and fixing its positions there and consequently further expanding its international performance. Now, having observed all formalities, we will do our best to further streamline the activities related to boosting the image of a stable and reliable bank with foreign capital".

Besides its main activities ICB is known for its active sponsorship and charity policy. In particular, the Society of Equal Opportunities - All-Ukraine Non-Governmental Organization that protects the constitutional and social rights of orphans and children without parental care - was founded in 2003 on the incentive of ICB. Moreover, the bank gives financial back up to a young progressive band "Numer 482", constantly takes part in the charity actions and in financing the Kyiv-Mohyla Academy.