Banking

The European Bank for Reconstruction and Development (EBRD) has granted USD 75 mln to Raiffeisen Bank Aval [BAVL UZ, U/R] on the conditions of subordinated debt. A fund provision contract was signed on December 22. No information about the interest rate was disclosed.

Rodovid Bank [RODB, U/R] plans to increase its statutory capital by 57%, or UAH 250 mln, to UAH 685 mln through an additional issue of shares, according to a report issued by the bank. According to this report, the increase in the bank's statutory capital will be put on the agenda of a general meeting of its shareholders, which is scheduled for January 30, 2009.The bank plans to issue additional shares with a face value of UAH 1,000.

Commerzbank AG is planning to buy an additional 15% share in Forum Bank[FORM UZ, U/R] within the next three years, according to Wilhelm Nuese, the Deputy Chairman of the Supervisory Council of Forum Bank. “There is an option to buy an additional 15% in the Ukrainian bank within three years. This way we are planning to concentrate a 75% plus one share in the Ukrainian bank. We have many plans to develop our business here,” he stated.

The Provisional Administrator of Prominvestbank Volodymyr Krotiuk intends to suggest that the Cabinet of Ministers, the EBRD and the IFC become shareholders in Prominvestbank and take part in its financial recovery.

Volodymyr Krotiuk, the Provisional Administrator of Prominvestbank, intends to approve the financial recovery program of the bank with state involvement.

Volodymyr Krotiuk, the Temporary Administrator of Prominvestbank, confirmed that the bank’s owners failed to conduct the additional issue of shares scheduled as a part of the required financial readjustment of this bank.

As Ukrsotsbank [USCB UZ, U/R] has announced in a statement, the bank has repaid a syndicated loan of USD 200 million.

The National Bank of Ukraine (NBU) has cancelled the anti-crisis resolution No. 319 of October 11, 2008, which was about additional measures on the activities of banks and declared a moratorium on the early withdrawal of deposits, as well as introducing not so tough limitations. Its respective decision is stipulated in bank resolution No. 413 of December 4, 2008, which took effect upon being signed.

The National Bank of Ukraine (NBU) has changed its requirement of banks for the daily allocation of funds of obligatory reserves to a correspondent account in the central bank, and its requirement on the formation of reserves using funds raised in the national and foreign currency.

Kredobank [ZUKB UZ, U/R] is going to obtain a USD 90 mln loan from its parent structure PKO Bank Polski SA, according to Kredobank’s press service.