BANKI.UA. Polish financial group Getin Holding has received authorization from the Central Bank of the Russian Federation to acquire 100% of Krasnodar-based Kubanbank, the group’s owner Leszek Czarnecki said, portal Banki.ua reported quoting Ukrainian newspaper Delo.
The deal will be transacted through the holding’s Russian subsidiary: leasing company Carcade.
The parties do not disclose the transaction price. Earlier Getin Holding said it plans to acquire 75.64% of the bank for Rub 36.3 mln. So, the entire bank could have been valued at Rub 48 mln.
As experts believe, the bank is undervalued. As a small and relatively problem-free financial institution (as such is Kubanbank whose capital totaled Rub 94.9 mln as of year-start 2011) costs 1 to 1.2 of the equity capital in Russia, the price tag of the lending institution that Getin Holding eyes could range Rub 95 mln to Rub 112 mln, they specified.
According to Czarnecki, auto lending is planned to become Kubanbank’s core area of business, and Getin Holding expects to become one of the leaders in this segment in Russia.
Previously Kubanbank was owned by a group of private Russian and American investors that bought the bank in 2008 to roll out mortgage lending.
The main reason that forced the lender’s shareholders to sell the bank is the need to increase its capital. Since January 1, 2012 the statutory minimal capital threshold for Russian banks will be Rub 180 mln.
For the record, Getin Holding is comprised of four banks based in Poland, Ukrainian PlusBank, Belarusian Sombelbank, and also leasing, insurance, brokerage and investment companies.
