More NewsSEB Expands in Ukraine

SEB Expands in Ukraine

SEB has signed an agreement to acquire 97.25% of Factorial Bank, Ukraine. The agreement implies a maximum consideration of US$120m (approximately SEK 780m) at a 100% holding. The bank says that the acquisition is in line with its strategy to expand its footprint in eastern Europe through organic growth and add-on acquisitions. By acquiring Factorial Bank, with its 53 branches, SEB will strengthen its regional presence in the eastern part of Ukraine and the city of Kharkiv. Following the acquisition, SEB in Ukraine will have about 13,000 corporate customers and 100,000 private clients. Total assets will amount to US$452m as of 30 September 2007. The European Bank for Reconstruction and Development (EBRD) will acquire a minority ownership of maximum 9.95% in SEB Bank (Ukraine). The acquisition is subject to regulatory approvals. The integration of Factorial Bank including rebranding will commence during 2008. SEB Enskilda and HSBC are SEB’s financial advisers in the transaction.

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