Eurobank EFG concluded its acquisition of Universal Bank in Ukraine today, following the granting of the approvals by the competent regulatory authorities. Eurobank EFG acquired 99.34% of the Bank’ s share capital. Universal Bank is a medium-sized bank primarily focusing on Western Ukraine and operating a network of 33 branches with ca. 520 employees. The Bank' s Total Assets reached EUR 88 million at the end of 2006, with Shareholders' Equity at EUR 12 m.
Eurobank intends immediately to increase the capital of the Bank and will rename it Eurobank EFG. Furthermore Eurobank will enhance the Bank's product offering, to cover the needs of corporate and retail customers. These initiatives will support the Eurobank EFG Group's plans to expand its geographical reach across Ukraine and achieve strong nationwide coverage, introducing its tested operating model, with the ultimate intention to build a leading bank in the Ukrainian market.
Ukraine, with a population of ca. 47 million, is one of the most promising markets in New Europe, offering very significant potential for growth, particularly in the financial services sector. Eurobank believes that its own focus on quality of customer service and continuous innovation will win the trust of Ukrainian businesses and individuals, allowing it to build a leading franchise in a key market.