Nadra Banks customers include more than 2.7 million individuals, 40,000 small and medium-size businesses and nearly 3,000 corporations. The bank has 550 outlets encompassing all of Ukraines major cities.
Several other Ukrainian banks, including TAS-Investbank, Finance & Credit Bank and Ukrgasbank, plan IPOs, according to a report by investment company Troika Dialog.
The Ukrainian banking industry is one of the fastest growing in Central and Eastern Europe and has attracted the attention of foreign investors. Last year Austria-based Raiffeisen International bought a 93.5% stake in Bank Aval for more than $1 billion. BNP Paribas purchased a 51% interest in Ukrsibbank for an undisclosed price. Earlier this year Italys Banca Intesa agreed to take an 85.4% stake in Ukrotsbank for about $1.1 billion.
Consolidation in the Ukrainian banking industry will probably continue, as a number of banks from the top 10 are currently negotiating with foreign acquirers, according to Dragon Capital. Total banking system assets increased by 59% to $42.4 billion in 2005, thanks to strong growth in both corporate and retail lending.