REUTERS
The procedure may take up to four months.
The National Bank of Ukraine (NBU) has allowed the merger of Ukrsotsbank to Alfa-Bank Ukraine under a fast-track procedure.
Alfa-Bank will become the successor of all the rights and liabilities of Ukrsotsbank regarding its customers and counterparties, the NBU said on its website.
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The NBU recalled that the law on simplifying the reorganization of banks makes it possible to significantly shorten the period for the merger process – from eighteen to four or three months.
In 2018, the fast-track procedure was used by Express-Bank and Industrialbank, as well as Bank Center and MTB Bank.
According to UNIAN, ABH Holdings S.A., which owns Alfa-Bank, signed an agreement with the Italian banking group UniCredit Group in January 2016 on the purchase of a 99.9% stake in Ukrsotsbank. At the end of October 2016 the parties announced the completion of the deal.
Alfa-Bank Ukraine has been operating in the Ukrainian market since 2001 and is among the ten largest financial institutions in terms of assets. It is part of the Alfa Group international consortium.