French Crédit Agricole Ukraine signed a deal to acquire up to 100% of the share capital of Bank Lviv, the group announced on March 11.
The Lviv-based bank had been a small lender in western Ukraine until Russia’s full-scale invasion. After 2022, it became a standout partner for international financial institutions (IFIs), with its location far from hostilities and severe air attacks making it an attractive vehicle for lower-risk transactions.
In the press release, Crédit Agricole Ukraine wrote that the acquisition aims to “strengthen the bank’s presence in Ukraine’s Western regions” and bolster “its position in the SME and agricultural sectors.”
Previously, Forbes Ukraine reported that two prospective buyers – Crédit Agricole and Ukraine’s largest private postal service, Nova Post (Nova Poshta) – had negotiated price ranges of $27.8 million and $ 41.8 million, respectively.
Crédit Agricole’s Kyiv office did not disclose the price of the deal in response to a Kyiv Post request for comment. Independent analysts said the bank could be valued at a regulatory capital ratio of 0.7-1.3, according to Oleksandr Parashchiy, head of research at Kyiv-based Concorde Capital investment bank.
“If the deal was signed outside of Ukraine, then capital controls imposed by the National Bank do not apply and the price may be higher,” ICU financial analyst Mykhailo Demkiv told Kyiv Post.
Bank Lviv was registered in 1990, according to YouControl data. Its current major shareholders include Switzerland’s Responsibility Participations AG (41.15%), New Progress Holding (nearly 21%), and the Nordic Environment Finance Corporation (NEFCO) (over 10%). The western Ukraine-based lender focuses on SMEs and development financing, serving over 37,000 retail customers and 8,400 SME clients.
“At a time when Ukraine continues to operate under the conditions of war, resilient financial institutions play a critical role in supporting entrepreneurs and communities. This step reflects a long-term commitment to the Ukrainian economy and its future reconstruction,” Bank Lviv stated on its website.
According to Crédit Agricole Ukraine’s statement, the transaction is subject to regulatory approvals from the National Bank of Ukraine (NBU) and the Antimonopoly Committee of Ukraine, and is expected to be finalized by mid-2026.
Crédit Agricole Ukraine has been operating in the country for over 30 years. Headquartered in Kyiv, the universal bank serves 380,000 customers through a network of 137 branches and is owned by the French Crédit Agricole Group.