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TAS Group completes acquisition of Eurobank's Ukrainian unit

TAS Group completed the acquisition of Eurobank Ergasias SA Ukrainian unit PJSC Universal Bank on Dec. 22, after receiving regulatory approvals for the deal.

The transaction is expected to help strengthen TAS Group's position in the Ukrainian financial market. The acquisition will also help in developing new innovative technologies in banking services, according to TAS Group owner and PJSC TAScombank CEO Sergey Tigipko.

The deal is part of Eurobank's plan to focus on markets where the Greek lender already has substantial presence. The transaction is also consistent with the bank's restructuring plan as agreed with the European Commission and is capital-neutral on a group level.