UniCredit Group ("UCG") announces that a
binding agreement to transfer Ukrsotsbank ("USB") into Alfa Group has
been signed.
The transaction structure envisages UCG to contribute
its exposure in USB to ABH Holdings S.A. ("ABHH" - a privately owned
Luxembourg-based holding company investing into several banking activities in
the CIS) in exchange for newly issued shares representing 9.9% stake of ABHH
post transaction. Agreements foresee specific protection rights for both
parties including the possibility for UCG to appoint one Board member of ABHH
and to cause an IPO of ABHH. Furthermore, parties agreed a Put/Call option
mechanism on UCG's stake in ABHH after the 5th anniversary from Closing.
The signing of the agreement is currently expected to
lead to an extraordinary charge in UCG 4Q15 P&L of ca. €200 million, as net
result of the disposal. At the closing of the transaction, the cumulative
currency effects amounting to approximately minus €652 million (as of 30
September 2015) will be reported in UCG P&L. The latter will not affect the
regulatory capital of UCG. At closing, benefiting of the related reduction of
the risk weighted assets, the transaction has a substantial neutral impact on
the CET 1 ratio of UCG.
As next step, the parties will be seeking the
necessary regulatory approvals. The closing of the transaction is expected to
happen in 2016.
UCG is being advised by Rothschild and UniCredit
Corporate & Investment Banking.
No comments:
Post a Comment