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21:19
Universalna Insurance Company Sells 9.99% Of Universalnyi Bank's Shares To EFG Eurobank For UAH 25 Million
03/13/2007 | 16:13 / Author: Vasyl Trukhan / Topic: Finance, Regions of Ukraine

The Universalna insurance company (Lviv) has sold 9.99% of the shares in the Universalnyi bank to EFG Eurobank (Greece) for UAH 25 million.

The press service of the insurance company announced this in a statement, a text of which Ukrainian News obtained.

Citing the insurance company's director-General Natalia Bezbakh, the statement says that the decision to sell the shares was made because of EFG Eurobank's interest in acquiring 100% of the shares in the bank and the favorable conditions for mergers and acquisitions in the banking sector.

Hanna Honcharyk, the head of the corporate communications department at the insurance company, said that the sale agreement was completed on March 1.

«The agreement regarding the Universalnyi bank was closed on March 1,» she said.

The decision to sell the shares was also influenced by the desire of the insurance company to concentrate its resources on developing its insurance operations, particularly its sales operations such as bank assurance.

As Ukrainian News earlier reported, Universalna is registered as an open joint-stock insurance company.

The company has structural divisions in all regions of Ukraine as well as in the Crimea. It also has a representative office in Budapest (Hungary).

The Universalnyi bank is registered as an open joint-stock bank.

EFG Eurobank acquired the Universalnyi bank on July 18, 2006.

With assets of EUR 45 billion, EFG Eurobank is the second largest bank in Greece.


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