VAB Bank was sold to a group led by a Russian investment bank.
Kardan NV (TASE: KRNV;AEX:KARD) subsidiary TBIF Financial Services BV has sold its 84% stake in Ukraine's VAB Bank to a group of international investors represented by Russian investment bank Troika Dialog for €53 million. Kardan expects to post a capital loss of €30 million on the sale, based on September 30 financial statements.
Kardan decided to the sell the bank after a strategic review.
Kardan's share price fell 3.5% in morning trading in Amsterdam to €4.31, giving a market cap of €480 million, and fell 1.5% by midday on the TASE to NIS 21.44.
Published by Globes [online], Israel business news - www.globes-online.com - on January 27, 2011
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