Ukrposhta to acquire bank

The national postal operator, Ukrposhta, is launching the process of acquiring a bank, having announced a tender to select an appraiser, said company CEO Igor Smelyansky.

The CEO called the move a "serious matter," breaking the news via Facebook.

"The acquired bank will be small, without branches or with a small number of them (we have 11,000 of our own) and, of course, without a portfolio of problem assets," Smelyansky wrote.

Read alsoUkraine occupies 30th position in Postal Development rankingAs of now, there are two or three such targets, with whom we will kick off negotiations," said the CEO.

At the same time, he stopped short of specifying which banks are in question.

Smelyansky hopes it will be possible to close the deal within the next five to six months.

Background

In May 2020, the Verkhovna Rada of Ukraine backed at first reading a draft law amending legislation on financial services in the field of postal communication (2788-d), allowing Ukrposhta to provide financial services.

UNIAN memo

Ukrposhta is Ukraine's national postal operator manning the country's largest network of more than 11,000 branches across country.