SEB has signed an agreement to acquire 97.25% of Factorial Bank, Ukraine. The agreement implies a maximum consideration of US$120m (approximately SEK 780m) at a 100% holding. The bank says that the acquisition is in line with its strategy to expand its footprint in eastern Europe through organic growth and add-on acquisitions. By acquiring Factorial Bank, with its 53 branches, SEB will strengthen its regional presence in the eastern part of Ukraine and the city of Kharkiv. Following the acquisition, SEB in Ukraine will have about 13,000 corporate customers and 100,000 private clients. Total assets will amount to US$452m as of 30 September 2007. The European Bank for Reconstruction and Development (EBRD) will acquire a minority ownership of maximum 9.95% in SEB Bank (Ukraine). The acquisition is subject to regulatory approvals. The integration of Factorial Bank including rebranding will commence during 2008. SEB Enskilda and HSBC are SEB’s financial advisers in the transaction.
UK firms investment in training and development will increase, on average, by a fifth in the next year, claims Robert Half recruitment after interviewing 100 financial services (FS) executives.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.