|
SCM Group increases shareholding in First Ukrainian International Bank
System Capital Management Finance of Donetsk (SCM Finance) will become 50%
owner of First Ukrainian International Bank (FUIB) by acquiring the stakes of
various foreign shareholders – DEG-Deutsche Investitions- und
Entwicklungsgesellschaft mbH (which held 10%), the European Bank for
Reconstruction and Development (10%), Fortis Bank (20%) and International
Finance Corporation (10%). SCM Finance is part of SCM Group, whose Trading
House Azovstal already held 49% of FUIB shares. SCM Group will increase its
ownership of FUIB to 99%.
Consolidation of FUIB’s shareholding will fuel the Bank’s growth and help
realise its potential in the market. DEG, the EBRD and IFC have completed
their goal of supporting FUIB's development jointly with Fortis Bank.
The foreign shareholders contributed greatly to the development of FUIB
through participation in the bank’s capital, leadership on the Supervisory
Board and support of credit operations by providing various short-and
long-term financial resources. The FUIB has now established itself as one of
the leading commercial banks in Ukraine, especially in area of trade finance
of major Ukrainian exporters and importers.
The EBRD, IFC and DEG aim to continue to strengthen the Ukrainian banking
sector by providing a wide range of products to the local and foreign-owned
banks in the country.
Convinced that FUIB is one of the most promising and best performing Ukrainian
banks, and in the context of its strategic interest in the financial sector,
SCM intends to devote considerable resources to the further development and
strengthening of FUIB, which operates in accordance with the strictest
international banking standards and provides a growing number of corporate and
private clients with a comprehensive and tailor-made range of state-of-the-art
banking products.
***
FUIB was established in 1991, with one of the founders, Bank Mees&Hope NV,
a Dutch bank (later renamed after a merger into MeesPierson N.V.) playing a
key role in the development of its operational and accounting systems,
international payments and documentary operations. After MeesPierson N.V. was
acquired by Fortis, a leading European banking and insurance group, Fortis
Bank became a shareholder of FUIB and actively participated in the initiation
of a number of projects aimed at improving the Bank's managerial performance,
and at introducing world class risk management principles and procedures.
DEG and the EBRD started their cooperation with FUIB in 1995-1996 by
opening long-term facilities for the Bank's expanded financing of the projects
of its clients. In 1999, together with IFC, they joined the Bank as
shareholders. Working with other financial institutions in emerging markets,
DEG, the EBRD and IFC contributed to the improvement of corporate governance
at FUIB and facilitated the development of its lending activity in TCF
projects.
CJSC "Azovstal" Trading House, descendant of the Bank's founder –
"Azovstal" Metallurgical Works – is part of the SCM Group, which has extensive
interests in coal mining and metallurgy, energy, the financial sector,
telecommunication and the sport industry. During 2000-2004, CJSC "Azovstal"
Trading House increased its share in FUIB from 12.5% to 49%.
|
