Erste Bank, Fidobank will complete merger by year end

The press services of both banks informed about this.

“Following the buy in and complete transfer of ownership rights, the merger of Erste Bank and Fidobank will take place,” the Erste Bank press release notes. “Over next months, Erste Bank will change the name and will work under a sub-brand of Fidobank - Fidocombank. From this moment and until its merger with Fidobank the new Board membership will manage the bank,” the purchaser's statement reads.

Following completion of the merger, planned until the end of 2013, the united bank will work under the name Fidobank. It is expected that it will be among TOP-20 Ukrainian banks by assets and will rank the eighth among the banks with Ukrainian capital.

“Erste Bank is an attractive bank asset with a qualified personnel, the clients' base, ready network of departments and developed IT technologies. Therefore, its purchase will ensure quality and quantity growth for Fidobank, which will continue development as a universal bank, servicing retail and corporate clients,” Adarych comments in this way on the deal.

The Erste Group noted that the sale of the Ukrainian daughter bank is a part of the strategic focus of the Group on the financial market of the European Union's eastern part.

To remind, a relevant agreement was signed December 20, 2012. The cost of the deal is USD 83 million.

Fidobank (earlier Bank Agio, SEB Bank) works on the Ukrainian market since 1991. It has 54 departments and is included into the group of average financial establishments.

Erste Bank is on the Ukrainian market since 2006 and is among large banks. Over 1,500 employees are working in 100 departments of the bank all over the country.