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Intesa drops sale of Ukraine's Pravex-Bank to CentraGas
May 28, 2015 / 5:38 PM / 2 years ago

Intesa drops sale of Ukraine's Pravex-Bank to CentraGas

MILAN, May 28 (Reuters) - Intesa Sanpaolo has dropped the sale of its Ukrainian unit Pravex-Bank to Centragas Holding because regulators had yet to give their go-ahead for the deal, the Italian bank said on Thursday.

Intesa agreed in January last year to sell its Ukrainian subsidiary to CentraGas Holding, a unit of Ukraine-based Group DF, for 74 million euros ($81 million).

Two months later CEO Carlo Messina said the buyer’s situation was “unclear” because of judicial developments related to the recent turmoil in the country and Intesa was in talks with the local regulator to see whether the deal would go ahead.

“The agreement, which was signed on Jan. 23 2014, has been terminated as the bank, to date, has not yet obtained the regulatory approval needed to finalise the transaction,” Intesa said in a statement.

The halted sale has no financial impact on Intesa, it added.

Ukraine accounts for 0.2 percent of Intesa’s total assets. ($1 = 0.9139 euros) (Reporting by Valentina Za, editing by David Evans)

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