DZP advises on the sale of a bank in Ukraine
We have advised Getin Holding on the sale of Idea Bank Ukraine and the company New Finance Service.
According to the conditional purchase agreement, the base price for the Idea Bank Ukraine shares will be the EUR equivalent of UAH 1,368,000,000 (i.e. PLN 224,762,400 at the average National Bank of Poland exchange rate on 20 December 2019). The price will be reduced by the components agreed upon in the agreement.
Title to the shares in Idea Bank Ukraine will be transferred on fulfilment of the conditions precedent specified in the agreement. Title to the Idea Bank Ukraine shares is expected to be transferred by 31 May 2020 at the latest.
Idea Bank Ukraine operates in the retail business segment and focuses on offering products and services to individuals. The Bank's basic products are products for individuals: cash loans, credit cards, deposits, current accounts and debit cards. As at 30.09.2019, Idea Bank Ukraine’s balance sheet total stood at PLN 873,897 thousand and it had total equity of PLN 150,718 thousand.
Together with Idea Bank Ukraine, Getin Holding concluded a conditional agreement to sell a 100% shareholding in New Finance Service. NFS provides a platform for debt collection activities and credit and insurance intermediation in Ukraine.
The shareholding in NFS will be transferred upon fulfilment of conditions precedent together with the transfer of the Idea Bank Ukraine shares.
The DZP lawyers who handled the transaction were Andrzej Foltyn, Partner/Head of Practice) and Piotr Jackowski (Senior Associate) from the Capital Markets & Financial Institutions Practice.