In what both banks called a mutually beneficial move, TAS Group and Eurobank Ergasias S.A. announced Dec. 23 the sale of Eurobank’s Ukrainian subsidiary, Universal Bank, to TAS.

For Eurobank, the “capital neutral” transaction complies with a European Commission-approved reorganization plan. From the perspective of TAS Group, the sale will strengthen its reach in Ukraine.

Eurobank Deputy CEO Stavros Ioannou indicated in a press release the move will bring stability to Universal Bank’s depositors by transferring ownership to TAS Group’s “strong track record in the local financial market.”

“We believe that this transaction is in the best interest of the Ukrainian clients of Eurobank Group and the employees of Universal whose interests will be duly cared by a strong Ukrainian bank,” he said.

In the press release, TASCOMBANK CEO Sergey Tigipko called the acquisition “an investment in further development of (the) TAS Group financial division and new innovative banking technologies in banking services.”

Universal Bank will become part of the number-three ranked TASCOMBANK, according to the release. Eurobank will continue operations in Greece, Bulgaria, Romania, Serbia, Cyprus, Luxembourg and the U.K.