Published: October 31, 2012
German lender sells Bank Forum to Smart Group.
Germany’s Commerzbank has completed the sale of its 96% stake in Ukraine’s Bank Forum to Ukrainian conglomerate Smart Group.
The deal, announced in July, sees Commerzbank exit a business it acquired in 2008. In a statement released when the deal was agreed, the bank said: “The dynamic development of the Ukraine has not come into effect as expected in past years. Commerzbank does not expect a sustainable improvement in the near future. In the course of the ongoing review of its group strategy, Commerzbank therefore decided to sell its stake in Bank Forum.”
As of October 1, Bank Forum’s assets stood at UAH9.2bn (US$1.1bn) and its credit portfolio at UAH6.1bn. Net profit for the first three quarters of the year was UAH3.5mn.
Commerzbank will continue to be active in Ukraine and run a representative office in Kiev.