KIEV, July 28 - Erste Bank der oesterreichischen Sparkassen AG is entering the Ukrainian market with the acquisition of a 50.5% stake in Bank Prestige for $35.3 million, the banks reported on Friday.

"Based on a shareholders' equity of $59.2 million this translates into a price/book multiple of 1.18," the banks said, adding that the transaction is expected to be completed in October 2006.