10/29/08
Banks in Ukraine
Israeli Bank Cancels Planned Purchase of Ukrainian Bank
By Nova Mova from Internet sources.
Israel’s largest bank announced on October 26 that it had canceled its planned purchase of a controlling stake in Ukraine’s OJSC Ukrainian Innovation Bank.
Bank Hapoalim reported that regulators had forced the cancelation due to the world financial crisis. Stanley Fischer, governor of the Bank of Israel, said that the acquisition permit was reconsidered due to the recent developments in the global financial sector, as well as the current state of the Ukrainian economy.
In December 2007, Bank Hapoalim agreed to buy 75.8 percent of Ukrinbank for US$136 million and had valued the whole bank at $180 million. Hapoalim’s strategy is to increase its international activities to one third of its total banking operations.
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