Swedbank acquires Ukraine`s TAS-Kommerzbank bank
For 735 mln usd
Swedbank said an additional payment of up to 250 mln usd is payable in three years, subject to the financial performance of the bank. TAS currently has 170 branches and 2,300 employees, and is the 13th largest bank in Ukraine based on total loans, according to Sharewatch. At the end of 2006 it had total assets of 1.142 bln usd, loans of 834 mln usd and deposits of 675 mln usd. The figures are not IFRS Management Accounts standard. TAS` profit for full year 2006 amounted to 10 mln usd. The relatively low figure reflects the Ukrainian bank`s investment in branch network expansion, said Swedbank. TAS` equity, including the upcoming equity contribution of 50 mln usd, was 177 mln usd at end-2006. "TAS is yet another step to enhance growth for Swedbank following our success in the Baltic countries. Ukraine is an important `tiger economy` with impressive growth rate and positive development," said Swedbank`s chairman Carl Eric Stalberg.