new Swiss investor responsAbility receives NBU approval for acquisition of majority stake in Bank Lviv
Bank Lviv has been notified by NBU that on June 23rd, 2018 it approved the acquisition of a majority 51% stake in Bank Lviv by a private equity company managed by Swiss asset manager responsAbility Investments AG. The remaining 49% stays with the long-standing shareholder Margeir Petursson, through New Progress Holding and Frontmost. Such strategic investment is confirmation of the institution’s solidity as much as it is a recognition of the relevance and the potential of Western Ukraine and Lviv from a European perspective.
responsAbility is an asset manager in the field of development investments and offers professionally-managed investment solutions to private, institutional and public investors. The company’s investment solutions supply debt and equity financing predominantly to non-listed firms in emerging and developing economies. Through their inclusive business models, these firms help to meet the basic needs of broad sections of the population and to drive economic development.Michael Fiebig, responsAbility’s Head Equity Investments Financial Institutions, is looking forward to oversee future development of the Bank Lviv: “It has been a unique opportunity to find such a strong local partner for the strategically important Western Region of Ukraine. Building an SME bank in a fast-growing region providing reliable banking services to businesses who have been struggling for access to resources represents the developmental contribution responsAbility stands for.”