10:29 08.11.2017

Sberbank of Russia repeatedly to consider authorizing VS Bank to exercise substantial powers on Nov 23

2 min read
Sberbank of Russia repeatedly to consider authorizing VS Bank to exercise substantial powers on Nov 23

The key shareholder in public joint-stock company VS Bank (Lviv) – Sberbank of Russia – seeks to discuss authorizing the Ukrainian bank to exercise substantial powers.

According to a bank report in the information disclosure system of the National Commission for Securities and the Stock Market, the issue is on the agenda of an extraordinary general meeting of shareholders in VS Bank scheduled for November 23.

The shareholders are to select a person who will exercise these powers on behalf of the bank.

The details on the powers are not specified.

Earlier the relevant issues were on the agenda of the extraordinary general meeting of VS Bank scheduled for November 11.

As reported, the owner of TAScombank and Universal Bank Sergiy Tigipko intends to buy 99.9% of shares in VS Bank from Sberbank of Russia. The package of documents to approve the acquisition was submitted to the Antimonopoly Committee of Ukraine in the middle of September.

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.

On March 23, 2017, Ukraine imposed 12-month sanctions on PJSC Sberbank, PJSC VS Bank, PJSC Prominvestbank, PJSC VTB Bank and PJSC BM Bank.

Sberbank is holding negotiations with partners and the NBU to leave the Ukrainian market.

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