12:44 18.09.2017

Businessman Tigipko submits papers to buy 99.9% of shares in VS Bank from Sberbank of Russia

Businessman Tigipko submits papers to buy 99.9% of shares in VS Bank from Sberbank of Russia

Ukrainian businessman and owner of TAScombank and Universal Bank Sergiy Tigipko intends to buy 99.9% of shares in public joint-stock company VS Bank (Lviv) from Sberbank of Russia, the press service of TAScombank told Interfax-Ukraine on Monday.

"The documents have been submitted to the Antimonopoly Committee of Ukraine. We are waiting for the permit," the press service said.

As reported, the press service of the National Bank of Ukraine (NBU) reported earlier that a resident filed documents to acquire 99.9% of shares in VS Bank from Sberbank.

"The documents received for approval of a large stake in VS Bank have been registered and being processed," the press service said.

The NBU said that according to Article 34 of the law on banks and banking operations the central bank can consider the relevant document during three months from the moment of receiving the full package of documents. The NBU would check if business reputation of investors meets the requirements outlined in the NBU legal acts, the regulator will check the financial health of the investors and the origin of the funds.

VS Bank, which was founded in 1991, was known as Volksbank until December 16, 2013 and Elektron Bank even earlier. Russia's Sberbank is VS Bank's principal beneficiary with 99.923%.

The bank ranked 28th among 88 banks operating in the country as of July 1, 2017 in terms of assets (UAH 3.621 billion), according to the NBU.

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