Acquisition of PC “Erste Bank”

On 29 April 2013 the owners of PUJSC FIDOBANK – the group of companies controlled by Oleksandr Adarich closed the transaction with Erste Group on acquisition of 100% of shares of its Ukrainian subsidiary bank PC “Erste Bank”. The respective agreement was signed on 20 December 2012.

After closing of the transaction merger of PC “Erste Bank” and PUJSC “FIDOBANK” will be commenced. The bank’s strategy is to improve the quality of banking business, to make the area of financial management simple and user-friendly bringing together the power of the Internet, mobile communication and diversity of payment instruments. This will enable the bank to occupy its niche as on-line bank focused on rendering of innovative banking products and services.

Vasil Kisil & Partners acted as a legal adviser on Ukrainian law matters to the group of companies controlled by Oleksandr Adarich in the course of structuring the transaction, drafting all transaction-related documents, obtaining the regulatory approvals for the purchasers in connection with acquisition of PC “Erste Bank”, as well as providing legal support within the closing process.

The buyers were also advised by: Deloitte & Touche USC - on financial matters, Acoro Capital Partners acted as an investment adviser and Аllen & Overy – as legal adviser on English-law matters.