Alpha bank to buy 90% of stocks of Ukrainian Astra bank

Alpha bank group has reached the agreement with the stockholders of newly founded Ukrainian bank OJSCA Astra bank on acquisition of 90% of stocks of that bank and, in that way, it entered another market.

The transaction should be carried out in the second quarter of year 2008. Until then, all legal and other relevant permits will be collected.

The owners of stocks who sold the majority share in OJSCA Astra bank will remain on the executive managerial positions in the bank, as well as partners who own 10% of stocks. The Management of Alpha bank will create a platform for realization of the strategy for organic growth of Alpha bank in the region.

The aim of Astra bank is to have 50 offices in Ukraine prior to year 2009, and to achieve national coverage prior to year 2010.