VS Bank and TAScombank will merge upon the completion of the takeover of VS Bank which is the daughter of Russian state-owned major Sberbank in Ukraine. Sergiy Tigipko made the announcement during Ukrainian banking forum of CIS bankers. VS Bank will become a part of TAScombank according to the obligations taken by the purchasing party. Upon the completion of the deal, TAScombank capital will increase by 60%. TAScombank will not be closing VS Bank branches and will not fire the employees. To note, Sergey Tigipko owns TAScombank and Universal bank that grasp not more than 4% of the domestic banking market each respectively.
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