Idea Bank.Photo: censor.net
The Antimonopoly Committee of Ukraine (AMCU) has granted permission to Alkemi Limited, owned by businessman Serhiy Tigipko, to acquire 100% of Idea Bank. This decision is an important step towards the completion of the deal announced by TAS Group in October 2024. This was reported by Time Ukraine Israel, citing information from Liga.net.
Transaction to be completed after approval by the NBU
Following the AMC’s clearance, the transaction is subject to the approval of the National Bank of Ukraine (NBU). After that, the deal will become official. Valued at $34 million, the deal involves the acquisition of Idea Bank, which was owned by Polish financial holding Getin Holding. An important point is that if the closing date is after 31 December 2024, Alkemi Limited will have to pay an additional $800 thousand for each calendar month starting from January 2025.
Idea Bank: a retail bank with over 30 years of history
Idea Bank is engaged in retail banking, providing services to individuals. Its main products are cash loans, credit cards, deposits, current accounts and debit cards. As of June 2024, the bank’s total balance sheet stood at almost $162 million. At the same time, the Polish shareholder, Getin Holding, is forced to sell the asset due to a request from the National Bank of Ukraine, in particular due to reputational issues.
Third attempt to sell the bank due to difficulties with the pandemic and war
This is the third attempt to sell Idea Bank. Previous attempts to complete the deal through partners, including Dragon Capital and FUIB, were disrupted by the economic difficulties caused by the pandemic and the war. As required by the NBU, the Polish financial group had to sell the asset by the end of October 2024, which it did.
History of the Idea Bank: from Plus Bank to strategic changes
Founded in 1989 under the name Prykarpatlisbank, Idea Bank is one of the oldest banks in Ukraine. Since 2007, the bank’s sole shareholder has been the Polish financial group Getin Holding SA of billionaire Leszek Czarnecki. However, in March 2023, the National Bank of Ukraine recognised the reputation of the Polish shareholder as problematic and set a deadline for correcting violations. When this was not achieved, the NBU ordered the bank to be sold.
New stage for Idea Bank under Tigipko’s leadership
Completion of the acquisition of Idea Bank will be an important milestone in the development of TAS Group. If all the procedures are successfully completed, the bank will get new owners and, most likely, a new strategic direction.
