14:17 12.09.2019

Alfa-bank, Ukrsotsbank to merge under simplified procedure

1 min read
Alfa-bank, Ukrsotsbank to merge under simplified procedure

The only one shareholder of Ukrsotsbank on September 10 decided to merge Ukrsotsbank to Alfa-Bank (both based in Kyiv) under the simplified procedure.

According to a report in the information disclosure system of the National Commission on Securities and the Stock Market, Alfa-Bank shareholders took a decision to merge Ukrsotsbank under the simplified procedure at their general meeting on September 10.

"Taking into account that Ukrsotsbank JSC and Alfa-Bank JSC are members of the international banking group ABH Holdings S.A., the aim of the reorganization is to optimize the business and create a single reliable and financially stable private commercial bank in Ukraine as a result of the merger," the report said.

As a result of the conversion of shares in connection with the merger, Alfa-Bank's authorized capital will be increased by UAH 16.546 billion, up to UAH 28.726 billion.

As reported, ABH Holdings S.A. (ABHH, Cyprus), which indirectly owns 100% of Alfa-Bank (Ukraine), and UniCredit Group (UCG) on October 31, 2016 announced the completion of a deal on the transfer of 99.9% in Ukrsotsbank (Kyiv), UCG's asset in Ukraine, in exchange for a minority stake of 9.9% in ABHH.

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