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BNP Paribas Ukrainian unit to off-load asset management subsidiary

BNP Paribas SA unit PAT UkrSibbank agreed to sell its asset and pension fund manager UkrSib Capital Management to ICU Group.

The transaction has been approved by the Ukrainian Antimonopoly Committee and is awaiting the approval of the National Securities and Stock Market Commission. The parties did not disclose the price of the deal.

The sale is part of UkrSibbank's 2020 development strategy under which it plans to focus on key areas of its banking business and target market segments, the Ukrainian lender said June 7.

UkrSib Capital Management had 694.85 million Ukrainian hryvnia worth of assets under management as of March 31, held in four corporate investment funds and one nonstate pension fund. ICU said the acquisition will strengthen its market position and enhance pension offering ahead of the expected overhaul of the Ukrainian pension system.

ICU, formerly operating as Investment Capital Ukraine, was founded by the Ukrainian central bank's former head Valeria Gontareva, who also served as chairman of its board of directors before moving to the central bank.

As of June 7, US$1 was equivalent to 26.19 Ukrainian hryvnia.