Italian bank UniCredit SpA bought Ukraine's number six bank Ukrsotsbank on Thursday for more than $2 billion, the latest of a string of acquisitions that has propelled it among Europe's heavyweights in less than two years.
The purchase comes on the heels of UniCredit's acquisition of Italy's number three bank Capitalia and of Kazakh bank ATF and confirms UniCredit as the bank leader in the fast-growing markets of central and eastern Europe. Italian rival Intesa Sanpaolo had tried to buy both Capitalia and Ukrsotsbank but both went to UniCredit instead.
"We expect to close the transaction in the fourth quarter of this year. We will have positive contribution from the group from year one," UniCredit Chief Executive Officer Alessandro Profumo said, adding he saw cost savings from integrating the bank into UniCredit's own Ukraine business.