Business news from Ukraine

Dragon signs agreement for purchase of Unex bank

3 January , 2021  

Vadim Novinsky’s Smart Holding and Tomas Fiala’s Dragon Capital investment group have signed a sale and purchase agreement for Unex Bank, Smart Holding said on Thursday.

“The parties plan to close the deal during the first quarter of 2021. At the moment, the documents are being approved by the NBU. The Antimonopoly Committee of Ukraine has already approved the deal,” the release says.

The parties to the agreement are: – Withine Investments LTD (Cyprus) from Smart Holding, Dragon Capital Investments Limited (Cyprus) from Dragon Capital, participating in the transaction together with Ivan Svitek.

The amount of the deal was not disclosed.

According to the NBU, as of October 1, 2020, in terms of total assets, Unex Bank ranked 64th (UAH 796.83 million) among 74 banks operating in the country.

The bank completed nine months of 2020 with a net loss of UAH 22.97 million, which is 3.8 times higher than the loss for the same period last year, including in the third quarter the net loss amounted to UAH 14.67 million against UAH 1.41 million in third quarter of last year.

Bank’s net interest income for nine months of this year decreased by 14.8% – to UAH 68.07 million, and the net commission income – by 21.2%, to UAH 19.3 million.

The release states that Withine Investments LTD (Cyprus) owns 100% of the shares of Unex Bank, and 100% of the shares of Withine Investments, in turn, belong to Smart Investments (CY) Ltd, owned by MP Novinsky.

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