EEMEA market round-up: Three Ukrainian banks acquired by Czech financial group
Czech financial group PPF Group has bought three banks in Ukraine – PrivatInvest, PrivatKredit and Bank Agrobank – paying $18 million for the PrivatInvest acquisition.
PPF owns consumer finance operations in several countries in central and eastern Europe, including its domestic market, Slovakia, Russia and Kazakhstan.
“Usually, we would start with greenfield operations, but deals like RZB’s acquisition of Aval have changed the market and mean that we needed a headstart,” Robert Potac, head of PPF Group funding, tells Euromoney.
PPF Group’s Czech Home Credit bank launched a Kc3 billion ($135 million) three-year floating rate note in September, to fund its continued growth in its home market.