A 100% stake in Pravex-Bank has been sold for EUR 74 million, Intesa Sanpaolo has said in a press release.

Intesa Sanpaolo said that CentraGas Holding GmbH, part of Group DF uniting the assets of Dmytro Firtash, had bought the bank.

According to the press release, the finalization of the transaction is subject to regulatory approval being obtained and is expected to take place within three to six months.

As a result, the consolidated income statement will record a negative contribution of approximately 100 million euro after tax, which includes approximately EUR 60 million attributable to the release of foreign exchange differences from the related valuation reserve, Intesa Sanpaolo said.

Pravex-Bank was founded in 1992. Its sole shareholder on October 2013 was Intesa Sanpaolo S.p.A.

According to the National Bank of Ukraine, on October 1, 2013 in terms of total assets the bank ranked 34th (UAH 4.635 billion) among the 178 banks operating in the country. The combined share of assets of the Ukrainian banking system of Pravex-Bank and Nadra Bank was 2.8% as of early October 2013.

The key businesses of Group DF are fertilizer, titanium, gas and banking sectors, while other areas of the group's operation along with real estate include agribusiness, soda ash production and energy infrastructure.