News breaking: 2007-08-02
( BW)(CQN-CONCORDE-CAPITAL) CORRECTING and REPLACING Concorde Capital
serves as exclusive financial advisor in Vesko sale to AXA and BNP
CORRECTION...by Business Wire
KYIV, Ukraine--(BUSINESS WIRE)--Aug. 2, 2007--The headline should
read: Concorde Capital Serves as Exclusive Financial Advisor in Vesko
Sale to AXA and BNP Paribas (sted Concorde Capital Serves as Exclusive
Financial Advisor in Vesko Sale to AOA and BNP Paribas).
The corrected release reads:
Concorde Capital (www.concorde.com.ua) acted as sole financial
advisor for the shareholders of Ukraine's sixth largest insurance
company, Vesko, in its sale of a 90%+ stake to France's AXA insurance
and UkrSibbank, a subsidiary of BNP Paribas.
DLA Piper acted as legal advisor to Vesko's shareholders.
The financial aspects of the transaction have not been disclosed.
The deal is scheduled to be closed at the end of 2007.
According to Vitaly Strukov, Concorde Capital's Managing Director
of Investment Banking, "pursuant to our corporate policy concerning
M&A deals, we will not be making any comment on the deal until its
Vesko Insurance has been operating on the Ukrainian insurance
market since 1994 and is the sixth largest insurer in the country. As
of the end of 2006, Vesko's written premiums amounted to UAH 139.22
mln (USD 27.6 mln), an increase of 29% yoy. Vesko's insurance claims
paid made up UAH 31.19 mln (USD 6.2 mln), up 57% over the same period.
As of January 1, 2007, the company's insurance reserves totaled UAH
69.70 mln (USD 13.8 mln), and assets - UAH 196.19 mln (USD 38.8 mln).
Concorde Capital is a full service investment bank founded in
2004, which operates on the Ukrainian, Russian and CIS financial
markets. In 2007, Concorde Capital's analytical team was recognized as
the Top Team covering Ukraine by Thomson Extel's Pan European Survey.
Concorde Capital's sale of a stake in Electron Bank to Volksbank
International AG was named the Best Ukrainian M&A deal of the year
2007 by the Adam Smith Institute. In 2006, Concorde Capital attracted
over USD 300 mln in investments for leading Ukrainian companies.
CONTACT: Concorde Capital
Corporate Relations, Concorde Capital
Tel.: +38 044 207 50 30
Disclaimer: Deze bekendmaking is officieel geldend in de originele
brontaal. Vertalingen zijn slechts als leeshulp bedoeld en moeten
worden vergeleken met de tekst in de brontaal welke als enige,
juridische geldigheid beoogt.