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KBCS/BIC advised the owners of PRAVEX-BANK (Ukraine), in the disposal of 100% of the share capital to Intesa Sanpaolo S.p.A. (Italy)
04/02/2008

The controlling shareholders of JSC PRAVEX-BANK (“Pravex”) have signed today an agreement for the disposal of 100% of the share capital of Pravex to Intesa Sanpaolo S.p.A. (“ISP”). Thanks to this transaction, one of the largest Ukrainian banks, Pravex will be supported by a world leading partner and will further develop its consumer finance and retail banking position.

The transaction is expected to be completed in the next few months after the receipt of the customary and necessary approvals both in Italy and Ukraine.

At closing, ISP will pay USD 750,000,000 (equal to approximately UAH 3,8 bn). Total consideration shall also include a post closing dollar for dollar adjustment to be based on Pravex’s IFRS net book value at the date of completion.

KBCS/BIC provided financial advisory services to the owners of Pravex owners, jointly with leading investment bank Rothschild.

Pravex provides personal, mortgage, and auto loans and revolving credit cards and is one of the three major Ukrainian providers of point-of-sale consumer finance to approximately 1.2 million clients. Pravex’s latest IFRS financial statements, as of June 30, 2007 showed total assets of approximately USD 1 billion, customer loans of nearly USD 587 million, customer deposits of USD 592 million and a net worth of approximately USD 114 million.

With a capitalization of approximately Euro 57bn as of February 01 2008, ISP is the third largest bank in the Euro-zone in terms of market capitalization and the leading banking Group in Italy both in terms of loans and deposits with an average market share above 19%.

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