Polish Getin Holding completed the sale of Idea Bank Ukraine, which owned 100% of the shares, a company from the TAS group under the leadership of Serhii Tihipko for the sum of $34 million. About the agreement reported Serhii Budkin, co-founder of the investment company FinPoint, which acted as an advisor to the Polish holding in this transaction.
This transaction was the first in the banking sector of Ukraine since the beginning of the full-scale war. Budkin emphasized the importance of this step as an indicator that investors continue to believe in the future of Ukraine and its financial sector, even in the face of strict regulations.
According to Budkin, the sale price of the bank corresponds to approximately 1 capital at the end of 2023 and 0.75-0.8 capital at the time of the planned closing of the deal. He noted that achieving such an estimate in the conditions of war is a testament to the high quality of the work of investment advisors. In comparison, other banks in the region, such as Raiffeisenbank International, are currently valued at 0.3 capital, while OTP is over 1 capital.
Budkin also noted that at the beginning of the process, analysts predicted that the fair price for the bank would be $20-25 million. However, the final sum of $34 million demonstrates the effectiveness of attracting investment bankers.
The sale was complicated by the fact that the National Bank of Ukraine (NBU) set a deadline for the completion of the process by the end of October. Eight potential buyers applied for the purchase of the bank, including foreign financial groups, including those not previously represented in Ukraine. The final stage of negotiations took place with three applicants.
