UniCredit continues to expand its operations in central and eastern Europe, with the acquisitive Italian banking group turning its gaze towards Ukraine in July. Bank Austria Creditanstalt (BA-CA), which is responsible for UniCredits commercial banking activities in central and eastern Europe, has signed an agreement to buy 95% of Ukrsotsbank (USB), Ukraines fourth-largest bank by assets. The deal follows Junes $1.5 billion purchase of a controlling stake in Kazakhstans ATF Bank and the acquisition of the European Bank for Reconstruction and Developments 10% stake in Russias International Moscow Bank for $229 million.
The purchase will reinforce UniCredits presence in the fast-growing Ukrainian...