Italy’s Intesa Sanpaolo Group has cancelled an agreement concerning the sale of 100% of the capital of its Ukrainian subsidiary Pravex-Bank to Centragas Holding Gmbh, an affiliate of Group DF that is owned by Dmytro Firtash, as reported on the bank's Web site.
"The agreement, which was signed on January 23, 2014, has been terminated, as the bank, to date, has not yet obtained the regulatory approval needed to finalize the transaction,” the bank said.
“The termination of the agreement has no material impact on the group’s income statement and balance sheet other than the continued inclusion of the subsidiary in the scope of consolidation."
Other details about the deal were not disclosed by the bank.
As UNIAN reported earlier, in late January, Group DF of Ukrainian oligarch Dmytro Firtash signed an agreement with Italian Intesa Sanpaolo Group on purchasing a 100% share stake in its Ukrainian subsidiary Pravex-Bank, but the deal was not finalized, as it was subject to approval by regulatory authorities of Ukraine.
Pravex-Bank has been operating in the Ukrainian market since 1992 and is one of the major banks in terms of assets. The owner of the bank is an international banking group Intesa Sanpaolo (Italy, holding 100% of shares).
Group DF is a diversified international group of companies which operates in several countries in Europe and Asia, owned by Ukrainian businessman Dmytro Firtash. The fertilizer and titanium industry, gas distribution and banking are the core areas of the group’s activities.
Other areas of activity of the group include agriculture, the media business, the production of soda ash, the development of energy infrastructure and real estate.