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Swiss investor secures regulatory approval to buy 51% stake in Bank Lviv

The National Bank of Ukraine allowed Swiss asset management company ResponsAbility Participations AG to acquire a 51% stake in PJSC Joint Stock Bank Lviv.

The Swiss company specializes in emerging markets investments. Swiss financial institutions, including Baumann & Cie, Raiffeisen Switzerland, Swiss Re Foundation and Vontobel Beteiligungen, hold a 60% stake in the asset manager, and the remaining shares are owned by private investors and the firm's management and employees, Delo.ua reported July 3.

As of Jan. 1, Bank Lviv was the 44th-largest Ukrainian lender in terms of assets, which stood at 1.9 billion Ukrainian hryvnia. The remaining 49% stake in the bank will remain with longstanding shareholder Margeir Petursson, through New Progress Holding and Frontmost.

As of July 3, US$1 was equivalent to 26.35 Ukrainian hryvnia.