Due to the failure to meet all the conditions for the transfer of ownership of Idea Bank Ukraine shares, the contract was terminated by February 25, 2022, Getin Holding reported.
The Management Board of Getin Holding SA, with reference to the current report No. 37/2021 of November 10, 2021 on the issuer’s conclusion, as the seller, of a conditional agreement to sell 100% of shares in JSC Idea Bank based in Lviv, Ukraine with JSC First Ukrainian International Bank based in Kiev, Ukraine, as the buyer, informs that due to the failure to meet all the conditions for the transfer of ownership of Idea Bank Ukraine shares specified in the contract by February 25, 2022, the contract has been terminated, the company announced.
In mid-November 2021, Getin Holding signed a conditional agreement to sell 100% of Idea Bank Ukraine shares with First Ukrainian International Bank as the buyer. As reported at the time, the price for the shares of Idea Bank Ukraine will be the euro equivalent of 1.072 of the bank’s book value at the end of 2021. GH expected the finalization of the conditional agreement for the sale of Ukrainian assets in the first quarter of 2022.
As previously reported, Idea Bank Ukraine operates in the retail business segment and focuses its activities on offering products and services to individuals. As at September 30, 2021, the balance sheet total of Idea Bank Ukraine was PLN 883.24 million, while the total equity was PLN 184.67 million.
Source: Getin Holding and ISBnews
