Swedbank buys Ukranian bank

Swedish banking group Swedbank said on Wednesday it would buy TAS-Kommerzbank of Ukraine for $735 million.

“The acquisition of TAS is in line with Swedbank’s strategy of expanding its operations in eastern Europe,” it said in a statement.

It said TAS, headquartered in Kiev, was Ukraine’s 13th largest bank based on total loans “and one of the faster growing in the retrail segment.”

The deal is expected to be completed in the second half of 2007.