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March 06, 2008

Commerzbank successfully completes Bank Forum acquisition

Having obtained all the official approvals required, Commerzbank has now completed the formalities (closing) for obtaining a majority stake in Bank Forum. It now holds 60% plus one share in the Ukrainian bank with options for the purchase of up to another 25% after 36 months. The purchase price amounts to EUR 435 million.

Commerzbank is the first German bank to have an operational presence of its own in the Ukraine. The acquisition significantly strengthens its position in Central and Eastern Europe. Bank Forum, which has total assets equivalent to EUR 1.9 billion and equity capital of some EUR 180 million, is one of the leading banks in Ukraine. It presently has some 3,900 employees in 301 branches, dealing with some 15,600 corporate and 260,000 private clients. The bank is currently in a period of major expansion and investment and intends to double its market share – which currently stands at 2.6% – over the next four years.

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