SEB Acquires Ukrainian Bank
Vilniaus Bankas, the Lithuanian subsidiary of SEB, has signed agreements giving it the right to acquire more than 90 percent of the shares of the Ukrainian bank, Bank Agio. The total investment is approximately SEK 200 million. The agreements are subject to approval from the national authorities in Lithuania and the Ukraine. Bank Agio was established in 1991 and has 12 branches. More than 70 per cent of its customer base are small and medium-sized corporate clients. SEB says that the acquisition is in line with its ambitions to strengthen its position in northern Europe and sees the acquisition as a means of responding to increased corporate clients business in Eastern Europe. Vilniaus Bankas is Lithuania’s leading bank with a market share of about 40 percent and more than 530,000 customers. On 30 June 2004, its total assets amounted to EUR 2.7 billion.