Swedbank interested in Ukrainian purchase – paper

15:29, 03 June 2008
Politics
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Swedbank will buy a Ukrainian bank and collection agency?

Sweden`s Swedbank is interested in acquiring a Ukrainian bank and collection agency, a Kyiv daily reported on Tuesday, quoting banking sources, according to Reuters.

Ekonomicheskiye Izvestiya said Swedbank was considering the purchase of the European Agency for Return of Debts, a collection agency with a portfolio of 91 million hryvnias, or $18.8 million, according to its director.

The deal would also involve the purchase of Business Standard bank, ranked 95th in size among Ukraine`s 178 operating banks, with 14 branches mainly serving small business.

Swedbank officials in Sweden made no comment on the report.

The daily said the head of the bank`s board, Serhiy Tigipko, was seeking as much as $329 million, but added market experts expected a price closer to $50 million.

"This is a long process, with many sides taking part. And it is not over yet," the daily quoted the bank`s CEO, Andriy Kiyak, as saying.

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