Stake on the West and Agriculture: why is Credit Agricole buying Bank Lviv

Interview for LIGA.net, 17.03.2026

Board member of Credit Agricole Ukraine explains why the French need a small bank in Lviv when they already have one in Ukraine, and what the value of the deal might be.

On March 11, French bank Credit Agricole* acquired 100% of shares of Ukraine’s Bank Lviv. Previous owners of the financial institution were Magreir Pétursson, an Icelandic investor, and several European funds. This is the second deal in the last 10 years in which a Ukrainian financial institution has been acquired by foreign investors. The previous one closed a few months ago.

Why would a major French bank need a small regional bank? What might the approximate value of the deal be? Will Credit Agricole absorb the Ukrainian bank once the deal is closed? Find out in LIGA.net’s exclusive brief interview with Vitalii Kucher, Board member, Chief Financial officer at Credit Agricole Ukraine.

Vitalii Kucher, Board Member, CFO of Crédit Agricole Ukraine

How long did the negotiations with Bank Lviv last regarding its purchase?

If we look at our group and the global strategy in general, we are more focused on organic growth. But we have the strategic flexibility to seize opportunities if it’s complementary and serves our development. The operation has also to meet return on investment criteria.

And what did Bank Lviv have that Credit Agricole Ukraine did not have?

Credit Agricole Ukraine is a strategic partner for large international companies, mid-corporates and SMEs. We also focus on agricultural lending - half of our loan portfolio is in agriculture.

If we look at the composition of this portfolio, these are mainly large clients, whose land bank can reach over 300 thousand hectares. If we look at the essence of agribusiness in France, these are farmers, cooperatives, clients with a land bank of up to 100 hectares on average.

In Ukraine, we also want to develop this segment of small agribusiness. It is present in Credit Agricole Ukraine, but it was not the focus.

If we look at Bank Lviv, it is located in the west of Ukraine. This is, relatively, the safest region and a region that is developing dynamically. More than a third of the bank's portfolio is agribusiness.

Bank Lviv has developed expertise in terms of speed of decision-making and their quality. It is dynamic, specializes in SMEs. For us, this is the best match.

Were there any other factors that influenced the decision to buy Bank Lviv?

Yes, culture, because in a combined business it is important to have a good symbiosis not only from a business point of view, but also from a cultural profile. I'm not even talking about the integration component - IT, systems, etc. Bank Lviv had foreign equity, which we like.

Why Bank Lviv? Have you considered other banks?

By purchasing a bank, we aim to increase and strengthen its assets. Bank Lviv fits perfectly into our vision of business development. In turn, in the person of Credit Agricole Ukraine, it gets an investor with whom it can scale business processes and grow faster. This deal is a good driver for business development for both banks.

And have you looked at state-owned banks? For example, Sense Bank or Ukrgasbank?

We have announced the acquisition of Bank Lviv which is our focus. We do not comment on other cases.

We work to lend to the economy, to be useful to clients, communities, and society as a whole.

And it is important for us to prepare for the recovery of Ukraine and focus on those segments where we want to be useful. Small agribusiness and SMEs in general are, in particular, the industries that are recovering the fastest.

Will Bank Lviv become part of the group under its own name or will it be completely absorbed by Credit Agricole?

On March 11, the SPA was signed. It should be understood that the signing of the SPA does not yet mean the completion of the deal, because it is necessary to go through the stage of obtaining permits - from the Antimonopoly Committee and the National Bank, and only after that can the deal be closed. We expect the deal to be completed in mid-2026.

How much was Bank Lviv purchased for?

We do not comment on this information.