Piraeus Bank signed a Share Purchase Agreement for the Acquisition of International Commerce Bank (ICB) in Ukraine. Piraeus Bank Group, in line with its development strategy as one of the regional banking players in the SEE and CIS, is entering the Ukrainian market by signing a Share Purchase Agreement for the acquisition of the 78% of the Share Capital of International Commerce Bank.
ICB as a footprint in the country will be Piraeus' growth platform for market share increase and further strategic expansion. Established in 1994, International Commerce Bank has 134 points of presence in 38 cities in the country, and offers its products and services to more than 25,000 customers, employing 850 personnel.
Ukraine has a buoyant economy with a real GDP growth of 7.1% in 2006. The banking sector, which has benefited from the country's economic development, has recorded an outstanding performance in 2006. Total banking loans surged by 71% and deposits by 39%, following the upward trend of the previous years. These developments suggest the significant growth prospects of the banking market. ICB's acquisition enhances further Piraeus Bank's international operations.
Piraeus Bank has achieved an active banking presence in 8 countries (Romania, Bulgaria, Albania, Serbia, Egypt, U.K., U.S.A. and Ukraine), with 370 branches. Piraeus Bank Group's total assets abroad today approach euro 5 bn, with more than 4,700 employees. In the following days, a broker will be assigned to realize the transaction. The agreement is subject to the approval of the Supervisory Authorities in Greece and Ukraine.