Tigipko Drives Merger of Idea Bank and TAScombank, Eyes Expansion into Insurance
Deal News | Jun 02, 2025 | EIN
The TAS Group, led by Sergiy Tigipko, is actively pursuing mergers and acquisitions in Ukraine's financial sector. The group recently merged Idea Bank with TAScombank, creating a more stable and comprehensive financial entity that combines TAScombank's corporate strengths with Idea Bank's retail focus. The group plans to explore further banking opportunities post-merger, and Tigipko is also targeting acquisitions within the insurance sector. The merger is projected to yield a 35-40% return on invested capital within the year. Additionally, Tigipko is committed to the growth of Monobank, part of Universal Bank, but intends to sell only a minor stake to a significant investor, with future conditions in mind. TAScombank and Idea Bank rank 15th and 27th in Ukraine by assets, respectively. In April 2025, TAS Group's acquisition of Idea Bank was finalized, with Poland's Getin Holding SA selling it to Tigipko's Alkemi Limited for $36.5 million. TAS Group has diverse interests, including banking, insurance, and manufacturing, and plans to elevate its investments from $140 million in 2024 to $180 million in 2025.
Sectors
- Financial Services
- Mergers and Acquisitions (M&A)
Geography
- Ukraine – The primary location of TAS Group's operations and the subject of its M&A activities.
- Poland – Involved due to Getin Holding SA's sale of Idea Bank to Tigipko's Cyprus-based Alkemi Limited.
Industry
- Financial Services – Involves banking, insurance, and investment services, as evidenced by TAS Group's merger activities and expansion plans.
- Mergers and Acquisitions (M&A) – Central to the article as it discusses TAS Group's ongoing and future plans for acquisitions in the financial sector.
Financials
- $36.5 million – The purchase price paid by Alkemi Limited for 100% of Idea Bank shares from Getin Holding SA.
- 35-40% – Expected return on invested capital from the Idea Bank merger by year-end.
- UAH 159.8 billion – Total assets of Universal Bank as of April 2025.
- UAH 1.7 billion – Net profit of Universal Bank in Q1 2025.
- UAH 45.9 billion – Total assets of TAScombank as of April 2025.
- UAH 12.0 billion – Total assets of Idea Bank as of April 2025.
- $140 million – Amount invested by TAS Group in 2024.
- $180 million – Planned investment amount by TAS Group for 2025.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TAS Group | Parent Company | Company | A major Ukrainian financial conglomerate involved in banking, insurance, and other sectors. |
| Sergiy Tigipko | Founder and Owner | Person | The founder and owner of TAS Group, driving its strategic M&A initiatives. |
| TAScombank | Bank | Company | A key component of the merged banking entity. |
| Idea Bank | Target Company | Company | Recently acquired by TAS Group and merged with TAScombank. |
| Universal Bank | Subsidiary | Company | Part of TAS Group, involved in the Monobank virtual banking project. |
| Alkemi Limited | Acquiring Entity | Company | Tigipko's Cyprus-based entity that acquired Idea Bank from Getin Holding SA. |
| Getin Holding SA | Seller | Company | A Polish company that sold Idea Bank to Alkemi Limited. |
| National Bank of Ukraine (NBU) | Regulatory Authority | Government | Provides rankings and regulatory oversight of banks in Ukraine. |