Raiffeisenbank International's CEO, Herbert Stepic, says he intends to use the profits from Raiffeisen's successful IPO on April 21 to bid for Aval Bank, the second-biggest bank in Ukraine. He says: "We are in good negotiations with the owners [private Ukrainian investors] and we hope to come to terms by the start of June." The deal would be one of RZB's largest acquisitions in eastern Europe. Aval Bank has the largest retail banking business in Ukraine, with total assets of €1.5 billion.
Julian Evans,
May 26, 2005