Platinum Bank completed the transaction on sale of “Bank Vostok”
Platinum Bank announces completion of the transaction on sale of PSC «Bank Vostok», previously known as «Home Credit Bank» (Ukraine). All necessary documents are signed, and the transaction is successfully closed. Amount of the transaction is not disclosed.
Platinum Bank held a tender for sale of the unlimited bank license of PSC «Bank Vostok» with all permissions. The license includes currency transactions, transactions with securities (broker activities, securities custodian, etc.). As of the sale date, the bank's liabilities were formed as capital for more than 95%, and its assets were formed in cash for more than 95%. The network of branches constituted one branch.
PSC «Bank Vostok» was sold to a Ukrainian group of individuals and legal persons.
Greg Krasnov, Chief Executive Officer of Platinum Bank, outlined: «The majority of «Bank Vostok» clients were successfully transferred for servicing into Platinum Bank. Branches passed redesigning process and now operate under the Platinum Bank brand name. Within the shortest possible terms, we successfully fulfilled the strategic task for our shareholders as regards the increase of our loan and deposit portfolios by means of bank acquisition, and further servicing of the bank license of «Bank Vostok» was inexpedient for us. I am proud of the fact that in 2011 the professional team of our bank managed not only to complete successfully the process of integration after acquisition of the former «Home Credit Bank» (Ukraine), but successfully closed the transaction on sale of the bank as well».
Between 01.01.11 and 01.10.11, the bank’s deposit portfolio grew by 243%, and its loan portfolio grew by 155%. Due to this development, Platinum Bank became the 12th largest bank in the country by retail lending in the national currency, and the 33rd largest retail deposit bank as of 1.10.11. As of 31.10.11, the bank’s retail network was comprised by over 1,600 units including classical bank branches (Platinum Branch), service centers in shopping centers (Platinum Light) and in-store consumer lending POSs (Platinum Express). Platinum Bank’s consolidated IFRS ROE for the first three quarters reached 12%.
Platinum Bank is a specialized retail bank providing deposit and loan products to individuals, small and medium-sized business through a network of outlets and customer service centers all over Ukraine since 2005. The main shareholders of Platinum Bank are international investment funds Horizon Capital, East Capital Financials Fund, the senior management of the Bank and IFC (a subsidiary of the World Bank)
In 2010 Platinum Bank was awarded a “Ukrainian Financial Olympus” prize as the winner in «Qualified international standard management» nomination.